DBA - Nailed the bottom again!!!
“This drop looks like a corrective looking decline structured as a-b-c. I see two high probability target for that decline: 16.44 and 16.37. After this corrective wave ( b ) down finds its bottom we should see another rally in wave ( c ) up targeting at least 17.30-17.40.”
DBA bottomed at 16.45 right inside my green target box! Since then we have been watching a strong rally. It is traded now at 16.94.
Now we have two potential scenarios. The first one is obviously bullish. That rally just can keep gong higher to 17.30+.
But there is another more evil scenario which, frankly speaking, I love better. In general I do not trust such vertical moves like we got this morning. Such moves are simply unsustainable. Therefore let me introduce you a slightly different scenario where a corrective wave ( b ) down ( the red count has not completed and still needs another drop to the same green box or even undercut it lower).
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