AMEX:JJC   BARCLAYS BANK PLC/BARCLAYS US CCP IPATH SER B BLMBRG COPPER SUBINDX TR ETN
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In my last post about JJC I failed to anticipate the final fifth wave up could be subdividing and forgot about a major Fibonacci resistance point at 31.35.

Today 12/5/16 JJC exceeded the high made on 11/28/16 and hit the stop loss level. JJC then hit 31.34 just .01 below the major Fibonacci resistance.

The momentum evidence is more bearish now than it was on 12/2/16. There is now a double bearish RSI divergence, the MACD histogram is lower, and Copper futures again failed to confirm the new high in JJC .

Short JJC on the open 12/6/16 with a stop loss at 32.10

Mark
Good call!
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markrivest jimidean

HI @jimidean

Thanks

Mark
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Hi, what is your downside target?, thanks
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markrivest jimidean
Hi @jimidean,

Assuming the top is in place, JJC could go back down to the bottom around $22 made in February. This would probably take about two to three months.

Mark

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