[PBR] update

In the backlink I thought PBR was likely close to bottoming but then it broke down the lower rail and has been tumbling hard ever since.  I hoped for a throwunder but this is a bit much.  In any case, this is starting to look like it could turn into a deep vee 2nd wave.  If so, the next support point is at the 78.6 fib.



Of course, what really matters is the wave count and the wave since 8.70 has been a little tricky to count.  The most conservative count I can see is below.  Again, this is from mid July to today.  It says that we get a little pop to 6.60 and then head into the mid to high 5s as July ends.  August should be a very good month for commodities by this model.  In the model above, The lows of May would be A, the high of July would be B and now working on C.

Time will tell.