Posted 8/1/2020 13:10 (#8408920 - in reply to #8408711) Subject: RE: Beans - Went short today
Yeah sorry, that post was a reply to Palm's post, where he was describing the price pattern of how steep the move was with no support. The quote you listed is for that pattern we were talking about...
The pattern that I am looking at for long term is the break of the multi-pivot line. Wheat's weekly still sitting above...if you look at the monthly you have a Knee jerk high. This is ripe for a break out...you would look for price to go to the 25% line on the monthly at $6.20 for the first target...if that breaks then you really have a break out.
This doesn't mean we won't still get a deeper correction. The two weak lines on the daily could easily be broken and we test the lows again.