Phoenix Associates Land Syndicate (fka PBLSQ)

[Waverider110]

I have a very "crude" chart here:

It shows a top every time the "media" started saying oil was going to $100 and the chart includes the 2004 support line. Yes, I think there is a pennant or ending diagonal triangle forming here of late. (Resistence line sloping down to 2004 trend/support line)On the chart, the moving average has rolled over-down. That itself creates resistence.

A pennant will have a sharp break out-either way, but an "ending diagonal triangle" is associated with a Wave 5: an A-B-C correction follows it. That is down more or less.

http://www.elliottwave.net/educational/basictenets/basics2.htm

So it could be that the 4 year CRB bull led by oil is coming to an end for a year or so. BUT, an A-B-C correction is usually followed by another 5 implusive waves and in this era of peak oil, I do NOT believe it will be 5 waves down:

http://www.chartingyourfutures.com/day14.gif