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Soft red wheat
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Spikes
Posted 2/29/2024 09:08 (#10645091 - in reply to #10644752)
Subject: RE: Soft red wheat


With a really important low you will have Time and Price meet with a Directional Change. You don't try and pick a bottom or at top, or anticipate a turn with this system...you play the gaps between the reversals...it's the safest way. The actual safest way to get long is to wait for a bullish reversal to get long...once you have 4 bullish reversals elected then you know the trend has changed. 

So corn elected a tentative Bullish Reversal at 421 with the move up on the 26th...you would think that is bullish but there is a bullish reversal located at 431...so after moving up yesterday you have some hypothetical bearish reversals that would come up if you made another high above above 430.50 or close below 421.75...well the move on the overnight going over 430.50 made the hypothetical reversals active, 4087, 4180, 4276, and 4462...in doing so it elected one of those bearish reversals this morning  located at 4462 because the likelihood of it closing over 4462 is slim to none, we may even elect the one located at 4276 today if we close below it...So since we elected that reversal on the same day the hypotheticals became active it suggests that the market will come down to test support. I've been eyeballing the two reversals on the weekly and monthly charts located at 393...  

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