Commodities Are Looking For A Bigger RecoveryAug 3, 2023

Commodities are looking for a bigger recovery, as we see many commodities forming bullish patterns by Elliott wave theory.

Commodities are waking up and they are looking for a bigger recovery. We talked about that already back on June 08 when we spotted strong support zone on commodity indexes. CLICK HERE

Sugar is still pointing higher for wave V after recent A-B-C correction in IV. It can be just making a short-term pullback before a continuation higher. However, in case if stays sideways for a longer period of time, then we might alternatively also consider a bullish triangle pattern within wave IV before it breaks higher for wave V.

Commodities Are Looking For A Bigger Recovery SUGAR 4H Chart
SUGAR 4H Chart

Soybean Oil Futures with ticker ZL has also a completed A-B-C correction from the highs after recent sharp recovery which we see it as a first leg A/1. So, more upside is expected within wave C or 3 after current corrective pullback in B/2.

Commodities Are Looking For A Bigger Recovery  ZL Daily Chart
ZL Daily Chart

Copper can be already finishing final subwave E of a larger bullish triangle in wave (B), but bullish confirmation is only above upper triangle line and 4.36 region.

Commodities Are Looking For A Bigger Recovery  COPPER Daily Chart
COPPER Daily Chart

While most of commodities are looking higher, we think that WHEAT could still see bigger recovery for wave »C« of B after current (A)-(B)-(C) flat correction in »B«.

Commodities Are Looking For A Bigger Recovery  WHEAT Daily Chart
WHEAT Daily Chart

Well, if we respect the price action and wave structure on single commodities, then we should be aware of a bigger recovery at the end of 2023.

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Crude Oil Slows Down For A New Correction. Check our free chart HERE.


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