Bloomberg Commodity Index
The Bloomberg Commodity Index is a weighted index of commodities from the grains, meats, energies, metals, and the softs sectors. The weekly chart broke out of tis extended range this fall and more recently corrected after satisfying the second upside PriceCount objective.
If the chart can break out and sustain new highs, the third count would project a move of about another 6% that would be consistent with a challenge of the 2022 high which represented peak inflation.
The run has been led by meats and metals, but now energies have joined the party and to a lesser extent, the grains. The low percentage fourth objective, not shown here for presentation purposes, is 176.
|