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Northwest Iowa | I'm probably more of the opinion that for now the trend is down in Dec corn. If the reversal higher seen last week was a true KR, I'd have liked to seen it cover more ground (higher). The action should have been done on very high volume which does not appear to be the case. Need follow through and so far are not seeing that either. Key reversals are easier to see and confirm at highs. Lows tend to have low volume and lack the enthusiasm seen at highs. For those interested, I say this move is in Elliot Wave 3(down on the weekly chart) My rough estimate for the end of this move lower might be in the 3.60 area. We should see a recovery and some sideways action at that time (wave 4). I use a "Fibonacci projection" to find the final low (end of Wave 5). That target is ugly at $3.00. That should mark the 5.5 year cycle low. Might top the meats, too, but just speculation. No guarantees, as always. Hopefully basis is better, indicating demand. Fundamentally, most everyone using corn is making money . | |
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Reversing the key reversal
