While commodities have been falling like there is no tomorrow some have held their own despite the fall. They have held onto their long term trendlines or not fallen below the highs of wave 1, thus leading to the open view that a 5th wave up to retest the highs might still be waiting to happen. The CRB index also displays this property as discussed on http://www.indiacharts.com/sc/sc1.htm

Gold

Gold is the only metal that did not break its long term rising trendline in the recent crash and has held above the previous medium term wave low of 650$ odd. This keeps the long term higher top and bottom formation in tact. In a few days we will also know if the yearly closing is going to be higher or not. Lat years closing was 833$. Wave 5 in gold could target 1148$ if 900 is crossed.

Rice

Rough rice completed a 3 wave decline in wave 4 on the trendline. Wave 5 can retest highs.

Cocoa

Cocoa also a case of 5th wave extended with key supports holding. 

Commodities can be complex animals. Complex wave patterns can occur instead of the classical 5 wave advance in rising prices. This appears to be the case with Coffee with Z the final leg about to start upwards.

Sugar

Another complex animal is in a triangular pattern which is still incomplete but the implications still appear bullish after its complete.

Wheat

While wheat prices have fallen sharply they did in a three wave decline that did not overlap wave 1 and so wave 5 up remains open. The support taken at the lower Bollinger bands on the monthly charts is also hopeful.

CONCLUSION:

Gold and a handful of agro commodities are showing early signs that they might have the muscle to generate a retest of their highs. The CRB index shows the possibility of an incomplete 5th wave which needs to be powered from somewhere and agro along with Gold might offer some ammunition for that.