In October 2014 I called the top almost to the cent (see the link below). The decline from 244.80 is finally coming to an end near 130.78.
Short term I'm looking for the final decline in red wave v of an ending diagonal and once the bottom is in place, a quick return to the origin of the ending diagonal at 169.58 should be seen, within half the time it took to build (that would amount to something like 3 months). That will however, likely be only the first part of wave B, as a continuation higher towards 187.80 and possibly even closer to 201.25 should be expected longer term.
The clear divergence seen from the RSI indicator does confirm that, we are approaching the end of wave A and wave B can start soon.
It's time to close the long term short position and shift towards a long position.
Just a final word. Remember that correction in the commodity complex often is extremely violent. Just look at Soybeans and Soybean Meal.
Short term I'm looking for the final decline in red wave v of an ending diagonal and once the bottom is in place, a quick return to the origin of the ending diagonal at 169.58 should be seen, within half the time it took to build (that would amount to something like 3 months). That will however, likely be only the first part of wave B, as a continuation higher towards 187.80 and possibly even closer to 201.25 should be expected longer term.
The clear divergence seen from the RSI indicator does confirm that, we are approaching the end of wave A and wave B can start soon.
It's time to close the long term short position and shift towards a long position.
Just a final word. Remember that correction in the commodity complex often is extremely violent. Just look at Soybeans and Soybean Meal.
