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Northwest Iowa | It's a little hard to know for sure, but I'm leaning that we have completed a 1-2-3-4-5 down. Coincides with harvest lows and oversold stochastics. Longer term that completion could either be a wave 1 down of a larger projection (much lowereventually)or a Wave A of a large degree correction. A-B-Cs are called a correction of the main trend. Not terribly important at this time as the enxt move should be a correction (higher) of the down move from 16.77 (weekly high). The weekly close will be interesting as of right now, a Japanese candlestick doji is possible. That is a signal of a trend change. Beans run a different cycle than corn with about 3.2 years (bottom to bottom) as one of them. Bean cycles are not as dependable as corn and don't always line up with corn highs and lows. Sometimes they can be antagonistic. If--- 2 distinct drives higher occur maybe into February or later into planting(not as likely) and the result is a 50 or 62% retracement, around 14.50-15.00, then beans will falter and drop after that point to around 10.00. Very rough numbers and time frames there. I've been wrong before!!!!!!!! Oil has been the leader in the complex. Usually when oil leads, the bean reaction is tempered. Take care. | |
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Soybeans Elliot Wavers
