JJC appears to have just completed a Elliott wave series of "Ones" and "Twos" and is probably now in a powerful third wave down. MACD has decisively turned down and is still above the zero line. Near term high probability of lower prices. Minimum downside target is 22.00 bottom made last January. It may reach this target in about 6 or 7 weeks.
In my last post about JJC I failed to anticipate the final fifth wave up could be subdividing and forgot about a major Fibonacci resistance point at 31.35.
Today 12/5/16 JJC exceeded the high made on 11/28/16 and hit the stop loss level. JJC then hit 31.34 just .01 below the major Fibonacci resistance.
The momentum evidence is more bearish now than it was on...
The market with the clearest Elliott wave pattern, momentum divergence and sentiment extreme is Copper!
This is an update to my JJC post last week.
Since then the Elliott wave pattern has completed and turned down in the forecasted Fibonacci resistance area. There are clear RSI and MACD bearish divergences. The Commitment of Traders report for Copper still has...
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...