Tokyo Rubber Peak Around 474 Yen/Kg In Four Weeks

Sixth month Tokyo rubber may edge into a narrow range of 465-474 yen per kg and form a temporary peak in the next four weeks based on its wave pattern.
The current rally is labeled as a final wave "5" of a bigger wave "V", which is approaching an end and may peak around 474 yen as pointed by an ascending trendline passing through the tops of the wave "I" and the wave "III".
The following correction could drive the price down to a minimum depth of 422.70 yen, or lower, to 390 yen, respectively the 23.6 percent and 38.2 percent Fibonacci retracements on the rise from 256.7 yen to a presumed peak at 474 yen.
Support is at 443 yen, a fall below which may signal the start of the wave (IV) correction towards 422.70 yen.
(Reuters, January 18, 2011)