Yesterday I wrote about the CCI-Index and some of the most important commodities (see the link below)http://theelliottwavesufer.blogspot.com/2011/05/commodities-cci-index-tested-major.html
I thought it could be interesting looking at the CRB-Index too. The above chart shows the CBR-Index since 1962 and we can see two nice looking 5 wave advances. The first ending at 337.60 in November 1980, while the second ended at 473.97 in July 2008 with an overthrow of the rising channel. The important question is whether we have seen a Super Cycle top at 473.97 or it "just" was the top of Cycle wave 3. I'm inclined to count it as a Cycle wave 3, which means we are now in a Cycle wave 4. As wave Cycle wave 3 was a double zig-zag we should expect either a flat or a triangle as wave 4. The first two waves is most likely done and as wave B "only" corrected 61.8% of wave A, then a triangle is the most likely count for Cycle wave 4.
If this is the case we should look for wave C of 4 down towards the 264.75 area.
If we zoom in on the last five wave rally and the following correction it's very interesting to observe, that we have fractal formations as the ending of the impulse and wave B (see the chart below)
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