New Upleg for DBA

All of the action in the PowerShares DB Agriculture ETF (NYSE: DBA) off of the June 1 recovery high at 28.87 into yesterday’s low at 27.71 looks to me like it represents a completed pullback atop a powerful upleg off of the March low at 22.37.  If my work proves correct, then the DBA has pivoted to the upside into a new upleg that should revisit and hurdle 28.87 on the way to 29.50-30.00.  Only a plunge that slices beneath 27.20 will begin to compromise my near-term scenario.

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