Commodities Are Waking Up From The Support

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Commodities are waking up from the support with the help of China stocks and there's room for more upside.

Bloomberg commodity index with ticker AW made a nice three-wave (A)-(B)-(C) correction with the wedge pattern into wave (C). Unless it has alternatively unfolded a leading diagonal from the highs. Anyway, in both cases we can expect a recovery, at least for a temporary period of time.

Currently we can see it nicely breaking out of projected wedge pattern, which indicates for a bigger recovery, at least back to the starting point of the that wedge pattern near 120 area, or maybe even higher if correction is completed.