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cole sibley....update
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maydel
Posted 11/22/2012 23:40 (#2711815)
Subject: cole sibley....update


Theodore, Saskatchewan
The other day I posted some charts and gave a little explanation on the lines I had drawn. What I told you is on my mind now and I want to update before I go away for a bit.

I want to be careful that I did not personally mislead you because there was a couple things I said that will probably stick in your mind. Price the next day did not show a clear direction, some would argue due to less trade and the holiday weekend.

I remember Jpartner always stresses to me the importance of context. Basically saying what did you see or use that gives you the "target".

First the corn chart I posted and said "target 775" which is the Oct high also lined up with the upper median line on my daily chart. But now we have consolidation. What troubles me is the down trending channel lines you can draw in the last month and a move to the 'bottom line' would be below the sept low. Basically I want to post the charts again and you can watch price yourself and decide if a target holds true.

The Oct high and a move above the line it is on now gives me the higher target. A reversal at this point would give me a target near the sept low and the bottom of the channel.

Secondly beans did the same thing and consolidated on the first line. I was aiming for last weeks highs and we did get to the 1420 - 1430 area I mentioned but poor close. The 1450 target on the daily chart is also a gap that was made on the way down. Sat and a few other guys have mentioned it as possible target.

I hope this helps a bit and what I am showing here is clear.



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Attachments
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Attachments 1-Fullscreen capture 22112012 101111 PM.jpg (48KB - 25 downloads)
Attachments 1-Fullscreen capture 22112012 101220 PM.jpg (36KB - 24 downloads)
Attachments 1-Fullscreen capture 22112012 101456 PM.jpg (42KB - 25 downloads)
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