Invesco Commodity Index Fund ( $DBC) Elliott Wave Structure Favors More Downside.
@Elliottwave_Forecast:
Hello Traders! In this technical blog we are going to take a look at the Elliott Wave path in Invesco Commodity Index Fund ($DBC) and explain why the ETF should see more downside in a ZigZag ABC correction towards a Blue Box area. The fund pursues its investment objective by investing in a portfolio of exchange-traded futures on Light Sweet Crude Oil (WTI), Heating Oil, RBOB Gasoline, Natural Gas, Brent Crude, Gold, Silver, Aluminum, Zinc, Copper Grade A, Corn, Wheat, Soybeans, and Sugar. The index is composed of notional amounts of each of these commodities. 5 Wave Impulse Structure + ABC correction $DBC $DBC Weekly Elliott Wave View – Sep 16, 2024: $DBC The weekly chart above clearly illustrates the cycle that started from the March 2020 low, unfolding as a 5-wave impulse. This structure