has a lot of vulnerabilities showing up.
Nosing at the uptrend line this AM and a H and S neckline a few cents below. Break targets the 3.35 area.
Doesn't seem justified but I tend to do better listening to the market than talking at it. However my hesitation to sell more aggressively is based on the old adage "don't sell a sleepy market" and this one has been recently. So I'm sitting on a bunch of cheap puts and watching.
If the Feb insurance rally that has to happen doesn't it would cast a bigger pall on the upcoming campaign.
My EW view still points to new continuation lows, possibly sooner than you'd think, maybe spring. Seasonal tendencies are valid but there are also examples of counter seasonal years.
Should that come to pass and a potentially complete EW pattern emerge I'll probably swing to the long side- or at least open up to risk. If it does, of course.
Re: corn chart
I guess maybe Wile E. is hanging onto a thin branch on the side of the cliff but usually doesn't turn out well.
I'm not expecting the boulder that usually falls on him after he hits the ground but who knows?