has been waiting for a strong rise in a third of third fashion in the Elliott wave principles
. Here came this rise, confirming our previous wave count. If correct, we are in the midst of a sustained rise with more up/down sequences to come before the wave is completed, i.e show an advance of 5 waves. As for a longer view, we need higher levels to claim a noteworthy bottom is in place. For now we can only suspect it is the case. Keep looking higher after short term sideways. As shown by the CME commitment of traders
, large spec and levergaed funds are net short, thus allowing short covering and long positioning to drive prices higher.
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