Commodity Weekly 28 January 2014

S&P GSCI Total Return Index

Market upside corrective, but looking for failure ahead of the 200 day ma at 4790

The S&P GSCI Total Return Index continues to grind higher following the recent failure to maintain its initial break of the 2009-2014 uptrend. Rallies should find resistance at 4790/4805, the 200 day ma and the 38.2% retracement of the same move. We would expect to see the market struggle here – the current Elliott wave count on
the 240 minute chart is implying failure here. Should this not be seen we will have to allow for a slightly deeper retracement (4820/45), this is the 78.6% retracement of the move down from the December peak.
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