What I see here is a diagonal set of 5 waves in Intermediate degree connected by zigzags. All commodities are connected in the same way, and require a completely different idealized pattern to go by. There is an extremely good chance that gold has already seen a bottom, then if this is true shouldn’t lumber prices soar as well? Crashing lumber prices also tell us where the housing market is going as demand for new homes is failing.
If the big bearish cycle in lumber is in effect then there should be no new record highs. We might get a wave 2 rally but if it turns choppy then more downside will come. It will be a long-term bearish trend that will change housing forever. 10,000 boomers are retiring every day for the next 19 years, so do you think that this is positive for the prices of SFD to keep going up? Maybe on Mars, but not on earth.