Commodities:


CCI- index tested major channel-resistance in 674 - 676 area. A break below 618 will confirm that a major top is in place and call for a much deeper decline.


Crude oil once again saw a top at the 11 week period, which was the fourth time in a row.
Expect support near 95, but it does look like a major top is in place for a decline to below 32 in wave [C].



Gold too tested its channel-resistance in the 1,569 - 1,570 area. I do think we are missing one more new high, but support in the 1,420 - 1,430 should ideally hold. A break below 1,420 and more importantly 1,308 would call for a major top in place.

Silver also tested its channel-resistance, but here again I'm looking for one more new high closer to the 53.36 area. Ideally support at 33.50 will hold, but we could see a move towards 31, before the final rally higher. A break below 25 will confirm, that a major top is in place already.

Copper has probably already seen a major top calling for a much deeper decline. The break below support at 407 is critical for copper and does indicate that an important top is in place with the 462 high.

The break below the Andrews Pitch fork support-line calls for a much deeper decline in Copper too.

Softs also look toppish. Wheat too looks to have topped and a break below 670 will call for a decline to the low 400 area and possibly 348 longer term.

Cotton, which has been the high flyer of the soft's has seen an important top too. We should soon see a test of the red Andrews Pitch Fork mid-line in the low 180 area, but longer term we should see a much deeper decline towards the 110 - 130 area.

An other bubble blown and gone...