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Sunday, May 20, 2012

$CRX: EW count and forecast. What's happening with commodities.

We are reading about a downfall in commodities indexes and its relationship with China economy development. We are looking for some answers, but with Elliot waves theory and fibonacci retracements. We can forecast that this index is in middle of a (intermediate or primary?) wave 2 retracement and this retracement can take this index, down to the 550/650 area before starting a new bullish wave 3. As always, timing is very difficult to forecast.

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