If the extreme reached in the Positioning of traders in commodities is signaling a pause to the rally then this the best wave count as of now on the Bloomberg Commodities index . A 5 wave advance may be wave 1 of a larger uptrend in development. Any decline would be wave 2 only. The rally so far has not broken out of the falling trendline from the 2010 top, the last time traders were extremely bullish in their positions.