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Tremendous Evidence Indicates Important JJC/Copper Peak

AMEX:JJC   IPATH BLOOMBERG COPPER SUBINDEX TOTAL RETURN ETN
38 0 5
11 days ago
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
10 days ago
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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