Commodity Weekly 11 February 2014 |
|
The S&P GSCI Total Return Index has managed to clear the 200 day ma but is already looking a little tired. The Elliott wave count on the 240 minute chart is also implying failure here circa 4850/53. We look for a slide back to the 4615 January low.
A close below 4615 (recent low) would be negative and target initially the 4493.50 2013 low. Failure here will target 4442/47, the 50% retracement of the move from the 2009 low to the 2011 high and the 78.6% retracement of the move from 2012. This represents our medium term downside target.
Above 4853 (Fridays high) we will have to allow for a slightly deeper retracement (4865), this is the 50% retracement of the move down from the August peak and possibly the 4908 end of December peak.
Fixed Income Certificate Program
Introduction to Bond Market Qualification
