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Never one to shy away from controversial opinions, technical analyst Chris Kimble offers an interesting perspective on commodities via the CRB index.
Chris comments: The Commodity Research Bureau Index (CRB) gained over 150% from 2002 to 2008. Then the index declined over 50%.
From a Fibonacci perspective only, was 2010 a large rally inside of a declining CRB pattern?
Currently the CRB index has reached the halfway point (50% retracement level) of the huge rally decline in the CRB index. Has a rather large "Head & Shoulders" pattern formed as well in the CRB index? Not only is the 50% level at hand, but also two other key resistance lines!
Time will tell if this is a giant rally inside of a bear market. And it might not take too much time if the "Power of the Patterns" has anything to say about it!
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