Tremendous Evidence Indicates Important JJC/Copper Peak
Additional evidence that suggests a top.
1) is in the overbought zone with a divergence.
2) Histogram has a 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 .
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.
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.