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KC Wheat
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dpilot83
Posted 8/28/2015 13:14 (#4757879 - in reply to #4757855)
Subject: RE: KC Wheat



Hah, I'm glad you're excited.

For what it's worth, in my opinion, if it closes below the fake structure this week, that does not mean we're done going down. I still believe we could go down a fair amount yet, maybe 20 to 25 cents on the continuous front month chart. I'm not saying we will go down that far either. All I'm saying is that at this point in time, I believe there is more risk and less reward to being short than being long. I actually bought my 2015 wheat back about 15 cents ago or so. I'm not trying to pick the bottom and I'm not worried if it goes down another 25 to 35 cents.

In all honesty, the lower we go this push, the happier I am because I feel it's clearing the air more for a good run up. If we just barely penetrate the fake structural level or if we don't penetrate it, we will likely have another rally and then another free-fall to finally finish this thing off and let us quit the bleeding.

That's my read anyway. So I guess I'm saying the next few minutes is not all that important to me. I just hope we keep going lower next week to really finish this thing off. My bias is that we won't though and I don't even have a good reason why:).

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