09-15-2013 03:57 PM
Tom White, FutureRoad.net corn technician and CME Group floor trader offers this Sunday night market preview.
He says, "There were several reasons for our continued bias to the short side. The daily charts show that the market turned lower from higher prices (negative reversals). And that “wave” patterns would appear to need a “fifth” leg lower which has not yet been completed.
Another pattern which we discussed was that of Keltner channels. The market held nicely at the middle of its channel in trade the week before last. The move lower was begging to test the bottom of the channel again. We fell just short of doing so last week. To really turn the market bearish, we would have to firmly close below the bottom of that channel on the dailies for a couple of days. Please note how bearish the market turned when it rode lower below the bottom of the channel the last time it closed below it .
Monday’s direction is inconclusive as the market ended Friday in range bound activity."
09-15-2013 04:23 PM
I was going to make a comment that I felt the low made on 8-13-13 would hold. I'm not so sure it will. The trade firmly believes that we have a huge crop out there. I won't stand in the way of that right now. At some point, the is going to be a time to buy this market - but not right now. I don't necessarily think that if you're long you're wrong, but it may be awhile before your right, if you get my drift. I'll bide my time on this one. Personally, I think we're low enough for now, but, I'm not the trade still looking at the 14bbl crop either. And where's those glasses Hobby? For that matter, Where's Hobby?
09-15-2013 10:42 PM
to add to Tom White's Elliot count--if it can't take out contract low to officially be a 5th wave, we call that an impulse failure which would overall (daily's) be supportive and signal probability of bear mkt or correction (however you want to say it) being over.
09-16-2013 08:30 AM
Just goes to show that it really doesn't matter what's
actually going on out in the fields. Nope. It's more about this gap here and that wave there.
More about some stupid chart saying this or that. Goodgrief and a lot of other words I can't
say on here.
09-16-2013 09:31 AM