Below is the Bloomberg Commodity Index (formerly known as the Dow Jones Commodity Index) with downside targets based on the work of Edson Gould.
It is as if the index (the collective wisdom of crowds) is considering whether or not to break below the 1999 low which it did technically in January 2016 before the latest rebound to the extreme downside target of 79.27. The current level of the index should be an indication that investors accumulate commodity related investments with an eye for additional downside risk.