[CJES] update

In the backlink the model called for a 4th wave retracement and then into a 5th which I speculated could be a failed 5th.  Below is a side by side comparison of model vs actual.  While they are close, the new data provided by the actual could still be modeled as w3 of 5.  This would jibe with one more $2 downward move in USO to finish the motive collapse.

Oil is down but far from out.  Wait to see if we get a clear motive move up in the energy services and then buy low, sell high.  Note that oil has not matched the recent uptick seen below.  I view that as positive divergence for the sector: the services are reversing before the underlying commodity has done so.

The copper miners are in the same final bottoming region.  The recent peak to 6.64 could have been a gap fill 4th or it could have been a leading diagonal 1st wave up of a new bull market.  The pullback from that peak could be an a-b-c or it could be wave 1 of 5 down.  We won't know until next week if the red or blue path will be taken by the herd but Monday should tell us.