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