The weekly chart of the PowerShares ETF, ticker symbol DBA is showing the continuation of the recent bearish trend. DBA completed cycle w.b at $35.58, followed by a five wave leading diagonal that set the stage for further declines in this ETF. Subsequent price action continues to exhibit impulsive behavior signaling further rounds of selling and the continuation of the bear market for Ag shares.
But first, DBA must complete w.(2). Preliminary targets for the W.(2) advance surround the .50-.618 retracement of w.(1). Thereafter, this ETF should fall on itself and the Bears shouldn't relinquish control until price has fallen below $22.50 w.a.
If you are interested in this ETF, I'll be following DBA throughout the remainder of the year with periodic updates and conclude a summary recap in my year end Global Gains Perspective.
Thanks. Perfect.
ReplyDelete