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I agree with you, the Ag sector looks to to be about to turn higher. Cotton in particular looks ready to explode! The pro index shows an extreme dip in the smart money. What usually happens when you see a pro index chart that looks like that?
The commodity cycle peaked in 2008-2011. It's been a slow grind lower, but the bulls must remain patient until the longer term cycles (C3 & C4) fall below or approach extreme zones. C4, a long term and slow moving cycle, only dropped below 0% in the middle of 2018. We can only watch, but previous cycle took an additional 1-3 years to reach the extreme zones.
Long Term Commodity Cycles C3 & C4
Cotton's Pro & Public Indices reflect the extreme selling unfolding across the commodity markets. Traders must be careful.
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