The day started out really rough (again!) but I hung on tight, and losses have trimmed substantially. I doubled my short position in OIH earlier today, and that position is now in the green. My view is that commodities – the ETF symbol GSG below is a good proxy – are going to be headed lower soon.
You can see (1) the failed bullish breakout (2) the subsequent drop beneath the supporting trendline (3) the climb back to the neckline, which also happens to be the former breakout zone. It all adds up to commodities headed down starting, oh, about now.
