WaveTrack International

Elliott Wave Financial Price Forecasting

PowerShares DB Agriculture Fund ETF

by m.tamosauskas| July 2, 2014 | No Comments

Back in early March ’14, the PowerShares DB Agriculture Fund was close to a five wave expanding-impulse pattern completion from the 24.04 low. We published this forecast (in EW-Compass report, dated 3rd of March) with an intension that once this pattern is completed, the following counter-trend decline must follow that most commonly unfolds into a three wave pattern:

140309_Agriculture

An updated chart shows the first five wave sequence as primary wave 1 has completed into the 29.41 high and the following counter-trend decline began primary wave 2. This is expected to unfold into a single zig zag pattern, labelled (A)-(B)-(C) in intermediate degree with ultimate downside targets measured towards 26.09 – a convergence level with a fib. 61.8% extension ratio of wave (A) and a fib.61.8% retracement level of the preceding advance (24.04-29.41). This should act as a magnet but once this support level has been tested, look for a reversal signature to resume the larger advances.

140701_Agriculture

It promises to be an exciting moment, because this is part of our ‘inflation-pop’ scenario and we see evidence of this already with agricultural commodities breaking above their long-term downtrend channels.

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WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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