The wave action since then suggests that the 4th wave might not have completed yet OR that the collapse is already done and the new commodities bull has already begun. We should know the answer very soon. In the case of the latter, the top rail will likely be broken out of "with gusto". In the former, the lower rail will soon break down with gusto. A lower low in PBR would likely coincide, or nearly so, with a low in GLD and GDX. A real reversal should float all of these boats.
For now I will stick with the most conservative approach as my primary model as shown above in red. In other words, as someone looking to increase his long position in commodities which I have been slowly building for multiples weeks now, I will assume one more final ass-busting swoon as shown below before the dollar peaks (that is to say, confidence in the federal reserve peaks) and then the direction reverses as Yellen is finally seen to be the useless bureaucrat and disposable fed chair that she is.
I hate to even put this in writing but IFF I were the corrupt and murderous powers that be (and I of course am not and thus do not advocate the following at all), I would send her to an early grave from "natural causes" so that the coming reversal of fortune foretold by the charts could be blamed on loss of confidence in near term leadership (Yellen's demise would create a vacuum) of the fed instead of confidence being lost in the institution of the federal reserve itself. A person is disposable to the elite. The institution is not.
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