Commodities were always lagging relative to the general market,
just look at the CRB from the last year to the recent highs, it was
never impulsive and they topped out in Jan.
but as far as the general market, yes this whole pullback from
the Apr 26th highs could be a large ABC pullback with A at the 1065
low on May 5th, B at the 1173 high bounce on May 13th, and this low
yesterday being wave C. We'll see, but that's the bullish
case; even if that's the case, I think it' has a little chopping
around to do and the MACD on the daily charts has to cross up
again.
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Commodities were always lagging relative
GDX
Posted by matt on 21st of May 2010 at 04:36 pm
Commodities were always lagging relative to the general market, just look at the CRB from the last year to the recent highs, it was never impulsive and they topped out in Jan.
but as far as the general market, yes this whole pullback from the Apr 26th highs could be a large ABC pullback with A at the 1065 low on May 5th, B at the 1173 high bounce on May 13th, and this low yesterday being wave C. We'll see, but that's the bullish case; even if that's the case, I think it' has a little chopping around to do and the MACD on the daily charts has to cross up again.