How anyone makes any sense out of charts is beyond me. I'd have as much luck with a dart board as trying to see anything that I could extrapolate from this chart. Abotu everything you see it going generally up, you can come to a precipice and over you go. I learned a long time ago that I can go broke being right on the trend and wrong on the timing.
Since we have had higher highs and higher lows since from back in July to now it looks like wave 9 to me. One of these times it will break and the wave counters will say I told you so.
So a producer should be looking for a double top in about a month or so to confirm that this was the high, right? Probably will be a few people shorting the market once it gets close again to yesterday morning's high.
Some of my friends think the market is poised to go a lot higher....Other friends think that the highs are already in.
As for me....well....I tend to side with my friends.
with a conservative rumored $4-5 billion expected to come into commods over the next month? doubtful a top is in place............now add into the cold wx heading for the plains later this week and the other wx related problems across the globe at this point? yesterday morn was not a bad selling point if money was needed. i plan on selling some old crop corn for an easy .75 above yesterdays close.
