When it comes to commodity chatter, Oil and Gold usually steal the show. I decided to take a look at Agg. ETF, DBA, which was at some point running wild.
It has been hammered dramatically. But notice how cleanly we can count our waves. There are some positive divergences in place. The ETF is trying to turn the technical picture around.
It's not far from its lows, but, technically, it still needs some work to do. Something to keep an eye on.
One thing I should mention is that because there is not a lot of history, I have no hard evidence to substantiate my labels. I have labelled it like commodities usually behave: ABC's
Also, I could not be certain of the label for the high of March 2008. So I have an alternate count there. the preferred count is long term bullish, with March 2008 being Primary A, the alternate is long term bearish, with March 2008 being Primary C. But both point to the possibility of a bottom near term.
Here's the weekly chart, here's too it is trying to turn, but, as we know, it takes a lot of daily effort to turn a weekly chart.
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