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swmnfarmer2878522
Frequent Contributor

The grain market driver

And it is the dollar. Close above 91 and I see resistance at 93.  From an Elliot wave standing point we should have completed wave two and entered into the dynamic wave 3.  Right now I’m targeting 96 but that could change.  Bitcoin is the Tell as to where the dollar is going with a huge weekly key reversal down.  If the dollar rises grains drop.

6840E5CD-5B9D-40AB-99E7-2DB4AB1D9883.png

 

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5 Replies
sdholloway56
Senior Advisor

Re: The grain market driver

10 yr yield probably more telling.

Chart looks like it is heading to a shocking, userious level of 2%.

The problem is that’s 3x the recent low and whatever that means for financial assets that were valued based on that cap rate.

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sdholloway56
Senior Advisor

Re: The grain market driver

My e-wave take is probably more     

starting wave 3 of a 3 wave ABC correction that might suggest the 92 level.

That would then call for another leg to new lows before a correction of larger degree.

Thats a little different from my fundamental view but it is how I read it.

 

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sdholloway56
Senior Advisor

Re: The grain market driver

I’m an old fart and don’t do Bitcoin.

Except for the chart comparing it to Dutch tulip bulbs.

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swmnfarmer2878522
Frequent Contributor

Re: The grain market driver

You are correct the ML is around 92,  Final target should be 95-96.  Unless it goes crazy like beans, then all bets are off.  Anyway the end of the month messes with markets sometimes.  

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swmnfarmer2878522
Frequent Contributor

Re: The grain market driver

Two days ago the stock market put in a nasty key reversal down also.  If the Dow breaks 29500 on a closing basis it will get ugly.

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