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SE ND | Hi tcm,
Your chart is drawn well. I never put the quartiles on anymore, but I see that price retested it perfectly before resuming the trend. Imo, this fork is no longer valid. By that I mean, it gave us the probability of where price would pullback to within the downtrend. As you've shown, it worked perfectly. Price had a high probability of reaching the ML, and then reversed.
JP has talked about it many times how we are dealing with the energy of the larger swings. That is what is happening here. Price has hagopianed the weekly controlling fork, thus making the LML balance, and that balance runs from last falls low through the zoom created a month ago. So, what we have is the top of the last rally as the action, and the reaction takes price at least as far on the opposite side of balance. The good thing is that we are closing in on the reaction, and it should allow for a "snap back" to balance.
Fry has been on top of this corn market. I'd agree with him that the goal of this swing is to trade below 3.18. I had my doubts that we would push to new lows, but it looks like I'll be wrong again.
Thanks for posting the chart. Good work! | |
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jpartner, frytown, nodak and other fork gents.
