Commodities break out?

Recently, it looked like a wide variety of commodities were on the cusp of significant technical breakdowns.  Fast forward a couple weeks and the script has flipped.  DBA (Agriculture) appears to be breaking to the upside of bearish triangle patterns:













Commodities (using DBC as a proxy) had all the makings of a very bearish Head-and-Shoulders, complete with a break under the neckline… only to rally ferociously starting last week.  It has now broken above trendline resistance.

And “Dr. Copper” (using JJC as a proxy here) is also pushing higher after breaking above resistance:

The US Dollar broke violently above its flag pattern a few days ago, only to retreat hard from the 23% Fibonacci retracement line.  It has continued falling hard today and QE3 rumors have pushed equities higher and the Dollar lower.

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