The medium-term technical work in the iPath DJ-UBS Grains TR Sub-Idx ETN (JJG) indicates that a new bull phase started after the June 2010 low at 32.33, which completed its initial up leg at the Feb 2011 high of 58.25.
All of the action off of the Feb 2011 high, into the Oct 4 low, represented a complex corrective process that fully digested the gains of the prior up leg.
If my work proves accurate, then the Oct advance from 41.95 to a cluster of rally peaks in and around 46.75/80 is the initial strength of a new, very powerful advance. The stock that has been consolidating for the past two weeks within a bull-flag type pattern in preparation for upside continuation that points next to a target zone of 49.50-50.50.
Only a decline that breaks 45.00 will begin to compromise the timing of upside continuation.