The commody bear likely will soon be over if it is not already [FCX]

FCX is the ticker for Freeport McMoRan, a major gas/oil/metals player.  FCX is a good proxy for commodities.  In the backlink I provided this model:



Today's snapshot is below.  Just because my EW model above looks, let's be honest, almost exactly like what actually happened since I posted it does not mean I will be right about the future of commodities.  But it does kilter the odds just a tad in my favor I think.  Again, nobody knows the future and it is certainly possible that this monster support line will not hold.   If it does not hold, sell commodities below it until we can get more detail on the wave count and hold them above it.

At some point, and I think within 2 weeks max, it will be clear that commodities are in for a huge rebound, perhaps because Yellen pushes out an interest rate hike again.  Let's face it, as soon as rates go up in any meaningful way, housing prices will crash, banks will go insolvent, and massive recession/depression will ensue.  So rates might be going up but not because Yellen wants them to.  She might make a proclamation anyhow but it will be closing the barn door after the horse has already left.  It will be for show.

In any case, commodities are now at a major decision point: bounce or just collapse into a smoking heap.