AMEX:JJC   BARCLAYS BANK PLC/BARCLAYS US CCP IPATH SER B BLMBRG COPPER SUBINDX TR ETN
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The market with the clearest Elliott wave pattern, momentum divergence and sentiment extreme is Copper!

This is an update to my JJC post last week.
Since then the Elliott wave pattern has completed and turned down in the forecasted Fibonacci resistance area . There are clear RSI and MACD bearish divergences. The Commitment of Traders report for Copper still has Commercials with a very high net short position.

If the wave count is correct JJC should not trade above its recent high of 31.27 use 31.28 as a stop loss.
There's still time to jump on board the profit train. If you short near the closing price made on 12/2/16 of 30.29 the risk is only 3.2%.
If wave (4) is complete the minimum downside target is 22.04 which would represent a 27.2% profit from 30.29.
The reward/risk ratio is 8.4 to 1.

This trade is about as good as any you could find.


Mark
Mark,

Thank you for your copper post.
I will look to see what is available in the ETF world
if one wants to short copper.

Joe
Reply
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