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Advisor

Top in corn

Missed an add on sale on the spike yesterday, not that close really, by a nickel.

 

But I can make a case via retracements and EW that we've seen corrective wave 4 run its course. Of course this time a year it doesn't take a lot of weather to get things peppy, the wheat crop is still in question etc.

 

But you don't ever make good sales unles there is uncertainty and I guess it really comes down to your own strategic view of things.

 

Mine is that the best days of the cyclical commodity bubble is behind us and if grains are going to do something big it will be on their own- more than likely weather driven and significant weather bulls are not high probablility events.

 

BTW, indices just ticked through the recent lows as I type. May be just a healthy correction but there seems to be a lot of complacency to that effect. Commodities also seem pretty complacent about slowing global growth and the potential for some financial turmoil.

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22 Replies
Advisor

Re: Top in corn

BTW, a simple equal leg measurement on the weekly chart of wave 1 and the possibly beginning wave 5 gets you in the $3.25 range basis nearby, time measurement Fall 2014.

 

Nothing magic there, just sayin'.

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Highlighted
Advisor

Re: Top in corn

Trying to get the rest of mine sold for 5 cash. Cant quite get er done .basis too wide. Looking toppy here on the bi
g board
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Honored Advisor

Re: Top in corn

Oh darn.......looks like I missed it.   

Veteran Advisor

Re: Top in corn

funny how elliot can be subjective.........I see Jan 10th report as END of an A-B-C irregular flat correct which began in Jun 2011 in a larger Bull.

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Senior Contributor

Re: Top in corn

Short term seems like a lot of buying @ $4.94 area basis May if thats taken out will dump the rest of mine other wise I'm going to leave it run. Could be wrong, but corn seems to be consolidating in this area for a run higher.

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Advisor

Re: Top in corn

So cx you're saying the correction in jan was just that ,in the context of a larger bull move. Could we correct here maybe half way back once the planters roll and then launch to new highs??,
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Honored Advisor

Re: Top in corn

No...........    not sure what's going to come next week, but we are still in the trend range.

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Veteran Advisor

Re: Top in corn

490 1st support.........we could see 480-476 if, for some reason, some panic selling hits - i'll be surprised to see it trade below 485.

 

i say we are in  2C in the context of 1 - 2(a-b-c-x-a-b-c) - 3( 1-2(a-b-C-3-4-5) - 4 - 5, etc. impulse which began Jan report.

 

nox is seeing us in bigger context CORRECTIVE............................

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Advisor

Re: Top in corn

I dont mean new all time highs but new highs for 2014
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