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| To fade or not to fade, that is the question.....
So, we’ve got a potential head & shoulders pattern on the daily Dec chart.... what is everyone using for the “neckline” number?
I kinda feel like this is gonna be a fade-the-initial-move type of day.... if it rips higher, I don’t think it will have enough gas to get to new highs until yield checks prove the crop is a disaster.... that could take many weeks since everywhere but here is so far behind.
If it plummets, there’s a gap at $4.20 from back in May that should prob be filled at some point.... maybe start a long position there and double down if it gets into the low $4.teens?? Some of you have been looking for even lower than that? Like $4.00-ish?
Apparently, basis is doing the heavy lifting right now, so the corn will get to the areas needing it in the interim.... regardless of the CBOT price.
If it’s a non-event, and we only go plus or minus a nickel, then I think “it’s ova Johnny”..... nobody cares, and we’re looking at an aimless price adrift in the vast expanse of a waveless sea with no direction or destination regardless of what the charts might be saying.....
What do you think?
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Game plan for tomorrow?
