This is a just a quick review as I wanted to show the big difference between this and crude oil. This GSCI has a far better pure impulse wave than we can imagine but one complete wave 1-2 would be eliminated with our WTI wave count. Still, there are too many zigzag like waves, and if a bearish rally is incorrect then this GSCI should still soar.
With a strong spike to the upside a correction should be due. It is very frusturating to see such disparaties between two asset classes that contain basically the same assets. In reality another wave 1-2 should form and then only the 3-4-5 waves need to complete. With an impulse, we should have much further to go, after a decent correction.
If the bearish case is valid then my bottom trend line will not hold.