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The 4-pack below illustrate that key commodity/global growth indexes peaked over a year ago and continue to make a series of lower highs, reflecting a contracting global economy, namely a lack of demand for basic materials and important commodities.

 

 

Two-month rallies have taken place off of the June lows, bringing each of these up to either key Fibonacci resistance levels or up to falling resistance lines at the top of bearish rising wedges.

At this point these leading indicators may have put in counter trend rally peaks.

 

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