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| Looking at the gap made to the CU15 contract on Tuesday and I started playing with some tools (don't pay for all this stuff to not use it). Working on the previous recent low (3.52 on June 16) and the recent high (4.43 on July 14), a Fibonacci retracement of 38% would land the price of corn at the gap. My question: what does this mean? Nothing because we didn't reach that low this time around (yet...)? Does it double the strength of the 3.90 to 3.92 resistance level? Am I all wet with these ideas? Obviously none of us know what happens next, but I trust a lot of opinions on here more than my own.
I would add a chart but to be bluntly honest, I don't know how to save the chart work I've done.
Edited by kst1 7/31/2015 13:06
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I'm no technician but something I've noticed
