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NE Iowa | Here are his numbers applying his EW work, fwiw
CORN: Since we’ve CONFIRMED A COMPLETED, “leg-down” from the Dec 18/”Triangle-Peak” in the March corn; at the Jan 7 low of 3.48 ½, I’m estimating that there is currently ABOUT A 60%-CHANCE that we’ve also finished the larger, “Primary wave-[b]decline”...from the July 2015 high. In which case, since this means that we’re now in JUST THE INITIAL, “wave-(1)section up”, of what should prove to be A SUBSTANTIAL, “Five-wave/Primary wave-[c]ADVANCE”, traders ought to have AN EXCELLENT BUYING OPPORTUNITY. With that said, however, because the Jan low SLIGHTLY MISSED OUR BIG, CONTINUATION CHART SUPPORT AT 3.47 1/4-3.42 3/4, AND we’ve so far ONLY witnessed a “three-wave rally” off the Jan 7 low, I’d really like to see A MOVE-ABOVE TUESDAY’S 3.63 3/4 HIGH...BEFORE going long at higher levels (SEE New Trades). Note, if this high IS NOT violated pretty quick, then we may have to conclude that the overall decline from the July 2015 top...is unfolding into a “Double-Three”. Given this interpretation, the March corn would still need to stage A FINAL, “wave-(c)DECLINE”; presumably to at least the KEY, 3.47 1/4-3.42 3/4 SUPPORT LEVEL. In addition to numerous other calculations, this area also yields the KEY, “61.8%-times first (a)-(b)-
(c)decline”, AND “61.8%-times wave-(a)”...projections. Anyhow, if this scenario DOES unfold over the next couple days, then we’ll look to buy at lower levels, using a stop UNDER MAX SUPPORT AT 3.36 3/4-3.32 ½. Near-term support is at 3.60-3.59 and 3.55, with resistance at 3.64 ½-3.65 3/4, 3.72 and 3.77 3/4-3.80. | |
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Question? Blu, Fry others
