We last bought this in October for 920 to say we got out too early is an understatement. Since then we have been waiting to get back in and never had the opportunity, the current pullback looks pretty good:- unfolding in 3 clear waves against a recent new high. Divergence at the blue (3) top adds to the case suggesting that the move higher had lost momentum rather than being over.
The green trend line is a little lower than I would like but was not tested on the two previous pullbacks (neither of which we traded) so it may not be this time. We still like commodities higher but do not overload Commodity risk.
The green trend line is a little lower than I would like but was not tested on the two previous pullbacks (neither of which we traded) so it may not be this time. We still like commodities higher but do not overload Commodity risk.