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The weekly controlling fork where currently all the action is on the LML. As has been shown many times by different posters, price has closed below the LML and that makes the LML balance. There is an action above the balance, and we are currently waiting for the reaction to be met.
On the 240, price has zoomed the LML of the fork and the last pullback was a retest of the LML.
Since the swing at 3.75 failed, price had a job to do by trading above it. Price closed above the last minor, and has also challenged the major just above it. If the black dotted line is balance, then the reaction has yet to be reached.
There is a balance to every swing, whether its a large swing or small. This balance is completely horizontal, which means that price is coiling and building energy. By inserting a "what if" controlling fork into this chart, it's possible that price could reach it's reaction while making a double top.
It really all boils down to this...which one is it? Do we build off of this foundation, or does the trap door get opened?
Edited by NoDakFarmer 9/27/2015 19:25
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Corn chart update
