Bursa Malaysia Plantation Index gained 112 points (1.3%) to close at 8,656 level, 3% below its February 2012 high of 8,925. The index has completed 5 sub-waves.
If Soybeans is unable to break its upper trend line and starts to move lower after completing 5 waves, I will expect the plantation index to stop below the 8,925 level and starts to move lower in tandem with the soybeans price. Watch out for the bearish double-top reversal pattern.
The CRB commodity index has been moving lower within a downtrend channel since mid-2011. it has yet to complete its major wave C. Commodity may not be able to perform in the next 12 months.
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