Agustino Fontevecchia has written a detailed fundamental case in Forbes as to why the comodity correction will last all summer this year. He quotes Julien Garran, a commodity analyst at UBS, as to how the commodity/dollar trade will evolve in the coming months and weeks. Garranis also calling for another ‘significant leg down’ in commodities and miners.
Readers of Wavetimes know that I have been looking for significant declines in Gold and Oil, and presented technical reasons for the same. The beauty of Elliott Wave analysis is you could anticipate the likely price window from where small and big moves are likely to commence and end, and that is a very powerful incentive to study this technique. Go ahead, and see for yourself what the possibilities are! Good luck.
2 Comments
Mr. Ramki. Have you visited Dollar/Rupee charts off late. Was filling in the data for my weekly charts, which seems to suggests a bottom (Wave 2). And going by the magnificent run up that dollar had against rupee, surging from near 34 to 50 and correcting to 44.24 approx. , indications show for a further weakening of rupee, that could be part of a longish wave 3 formation, going all the way to INR60 to a $. If that’s the case, Indian economy is going into a huge mess. Awaiting your analysis.
all the more reason to short nifty