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southern illinois | The spring wheat chart appears to have just completed a wave 3 up in Elliott terms with very strong RSI reading. Wave 3's are usually the largest and most exciting of the 5 waves. So far we can see a classic wave 4 in the making and that is an ABC correction or 3 wave structure. Considering the amount of time consumed in wave 3 we may just be working on wave A of this ABC structure and we need to use up more time and build more energy before we can expect to move to new highs. Sometimes the fundamentals have to catch up to the market. So my worthless opinion is that once a wave 4 is in place, we should at least challenge the recent high or exceed it and it will be accompanied by an RSI reading at least 10 points lower than the recent 94 reading. We shall see. | |
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Jp if you got time.
