CRB Index Technical Analysis Adam Smith Associates



No clear bottom on the commodity index. The CRB index mostly reflects oil but this time with base metals also down it is leading the way lower. It broke the March low yesterday on the weekly chart below. Making the flat the top wave count for now. This can mean wave 5 of (c) down can continue further to 177, but if 177 breaks 171 or 168 may open up. Deeper than I thought but it means that commodities or at least Oil is in the last push lower. This is surprising since the Dollar is falling already. So I have my fingers crossed. A regular flat meaning a double bottom at 177 is ideal.




Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

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