Below is the current snapshot which indicates that there is probably one more small wave down to go before C of 2 of 3 is complete. Again, since the wave which completed in late January appears to have been C of a massive 3 wave collapse into a large degree wave 2, I question greatly whether the current wave up in the dollar is a 3rd wave like EWI thinks it is.
I strongly suspect that it could be a C wave. CLB has crashed as the dollar strengthened which makes sense from a commodity standpoint. But its collapse was a controlled 3 wave move and so I very strongly suspect that it is about to reverse course into a very big 3rd wave up to higher highs than the old all time high.
Now, I could see CLB and other commodities head up while the dollar pulls back into wave 4 but then they should head to an even lower low as the dollar then traces out the rest of the upward motive move expected by EWI to finish 5 waves up. I just don't know how to justify this given that CLB looks poised to trace out a massive 3rd wave up - in the same way that Avi was modeling for gold and silver to do.
Time will tell but I think it is a mistake to only model one chart and not to look at the issue from different angles. To me, all commodities/miners that I have looked at - COPX, GDXJ, PBR, etc. look to be putting in significant bottoms at the same time. I don't think this is coincidence.
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