AMEX:JO   IPATH BLOOMBERG COFFEE SUBINDEX TOTAL RETURN SM INDEX ETN
60 0 1
Monthly version of $JO. It looks like we are completing a pattern that has occurred before, just on a larger level. We are currently sitting on major support from the 2013             low, so it may put up a fight for a month or 2. However, I believe it will follow the multi-year trendline (in green) & complete this current pattern at the 123.6 extension (like the larger pattern did), where there happens to be confluence from other extensions as well.

Additionally, we also have a bearish Tenkan/Kijun cross after a failed flip. I see $JO being ~$15 before EOY. Accumulatio has also been dropping to new lows but RSI still has room to match the ATL. I will re-evaluate once we get to a new low for an opportunity to buy.

Love the symmetry here. Good Luck. This is all IMHO.
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