Bullish Consolidation for Ag ETF

From its Feb high at 58.25 through today's action, the iPath DJ-UBS Grains TR Sub-Idx ETN (NYSE: JJG) has carved out a high-level bullish consolidation area atop its powerful 7-month uptrend.

When I analyze the Feb-May period via my hourly work, I can make a compelling argument that the consolidation period is complete. Moreover, the price structure is starting a new upleg that will thrust prices above key resistance at 55.85-56.50 towards a projected optimal target of 60.00/30 and possibly an overshoot target zone of 63.60-64.40 thereafter.

At this juncture, only a decline that breaks and sustains beneath 53.35 will begin to compromise the timing of the anticipated upside breakout.