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Tremendous Evidence Indicates Important JJC/Copper Peak

AMEX:JJC   IPATH BLOOMBERG COPPER SUBINDEX TOTAL RETURN SUB-INDEX ETN
43 0 5
The Copper             ETF- JJC             has a very clear Elliott wave pattern and appears to be near completion of a Double Zigzag that began in January 2016.
Additional evidence that suggests a top.
1) RSI is in the overbought zone with a bearish divergence.
2) MACD Histogram has a bearish divergence.
3) The nearest Copper futures             contract is below its peak made on 11/11/16 - not confirming JJC             price on 11/25/16.
4) Copper             - Commitment of Traders report shows Commercials with the largest net short position in five years!
5) Fibonacci resistance zone .
a) .236 of the decline from the major top in February 2014 targets 31.39
b) The first A-B-C pattern is 4.70 x 1.618 = 7.60 + "X" bottom of 22.95 targets 30.55
c) The second wave "A" is 3.17 x 2.382 = 7.55 + second "B" bottom 23.41 targets 30.96
d) Wave "I" boxed is 1.85 x 1.618 = 2.99 + wave "IV" boxed bottom 28.15 targets 31.14

If JJC             does peak very soon - probably 11/29/16 it could be a guide for a top in US stocks. JJC             and DJIA             have been moving some what in tandem. Both bottomed in January 2016 and both have rallied together since 11/4/16.

It's rare to have this much evidence suggesting a market turn.

Mark
Comment: ERROR - EXPECTED JJC TOP DATE.
I had posted possible JJC peak on 11/29/16, this is a typo. Correct date for expected JJC to is Monday 11/28/16.

Mark
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