DBA - ready for a new long term uptrend

DBA is the Invesco DB Agriculture Fund that seeks to track the DBIQ Diversified Agriculture Index. The Fund is designed for investors who want a cost-effective and convenient way to invest in commodity futures. The Index is a rules-based index composed of futures contracts on some of the most liquid and widely traded agricultural commodities including: live cattle, soybeans, sugar, corn, wheat , cocoa, coffee etc.

In my update posted on 10 Feb 2019 I explained why I believed that DBA had almost completed a corrective structure started off the December 2008 top. Back then DBA reached a top at $43.50. I concluded: “We are in the very final micro move down in a micro wave c down. There are three highly probable targets for that move: $16.40, $16.11 or $15.70. Once that final micro wave c finds its bottom we will see a multi year rally.”

This a corrective pattern perfectly completed in small details. Watch this dashed red trend line to get broken and join the ride.

DBA - Daily chart updated on 12 March 2019

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