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Northwest Iowa | Sure could have a deeper pullback, but as you noted, the unimpressive volume on lower days is constructive. 8 days down is quite a bit so that, in itself, is enough to expect a bounce/rally. The last rally was 8 days ( I count the low and the high day) so we balanced with the down move. Markets correct in time and price or a combination of the 2. The first rally was 2 days and then a double bottom. I added the 2 then divide 2= 5 days. That is where the .56 comes in. I like the area it projects to just over 11 (11.05 for now) would be a good number for buyers to take profit. Elliot says that 2 legs will be alike and 1 different. I was taught that for price but in commodities it is more common to be true in time. So--- the high could and likely will stretch into the following week. These are just some possible projections. I do not expect this to be a major market top by any means, but cash flows need to be met. I get warm and fuzzy when I look at the livestock as that has been climbing a wall of worry and done very well. If/when the grain follows, it could get interesting. | |
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market commentary-beans, oil, cattle, hogs
