|
| Before people start jumping off bridges, lets look at what actually happened today so what are the facts? The only place to get the facts is in price. Not news, not USDA. Their numbers are printed facts, but not Facts - it's there opinion of what the crop size, stocks etc are out there.
Corn... Big ominous bar. So falling back on the old saying "When price goes vertical - the move is half over". The bar is located in the middle of the 18 month range - and is in the area where a larger formation move "could be half over". Doctor Andrews stated in his rules that "When price passes through a ML - it will pull back to it". So with this information, we should expect a price correction back towards the ML in the short term.
Beans ........... Ominous bar down retesting the broken upper parallel after the market rotated on the lows (the whole tangent of a circle thingy JC). Today's bar projected enough energy for a challenge of the 11 dollar area in SH. That area also contains "poison air" and one should expect that a pivot to form in that area if approached. I would submit that todays action stored enough energy to allow a higher sale than maybe you could have gotten otherwise. You can donate the extra if you like to the USDA. :-)
Wheat........ Ominous bars down stalling at the pendulum MLs - running out of energy right where price should have- not taking out any structural levels. They did however stretch the lower parallels of the inside Medianlines (LL in the third dimension). Given this in the context of price action rotating on the previous lows - should open up a further rally in the coming days.
Rice...... Closed near the highs after probbing the "poison air" below after successfully in the last month removing the failed swings monkey off its back. IMHO, It's headed higher - irregardless of what the news is.
So....lots of drama....but just another day of price doing what it does.
Have a plan - make a plan.
Take care
| |
|
Less Drama - more FACTS
