Posted 4/8/2021 08:36 (#8939441 - in reply to #8938807) Subject: RE: Price vs gov reports
The market is a reflection of the known elements in a market. Nothing more and nothing less.
The corn market is telling us a huge amount imo. The fact it has gone sideways is a good thing because it is digesting information and money flow. On one of my previous posts i listed the things that would affect the market including
1 stox report
2 avreage report
3. Monthly s and d report
4. Safrina crop
5. US crop.
Stox report was slightly negative , acreage was a bit friendly, monthly s and d is friday, safrina is evolving and US crop is not planted yet.
As the market moves sideways it is telling us that it is at a point fair price range until something changes and money flow chases that change. The longer it goes sideways usually the more powerful the move.
It is really apparent why the market is going sideways when looking at it in the context of the daily may andrews lines as the market consolidates into the triangle below the uml; and the triangle, which it has broken out of. Shown on the first chart. Macd has also crossed higher but the lines are kissing so it
could just as well cross back lower. The other thing to mention is the cot report indicating that the funds havnt sold any of their long position into this consolidation.
If price breaks higher above the andrews median line set in the first chart i would expect it to make the projected, breaking all the andrews rules, uml of the second chart. (Switched to daily nearby) Then if we get into a full blown bull the 3rd chart would be a projection with the triangle as the midpoint.
Ps the safrina crop may be a blockbuster and the report friday may be bearish and we may be at the top. Time will tell. Market according to your business needs not according to greed or fear!