Stop 461. Looks like the sort of trade I will regret. Bull-tinted spectacles required
... imo - on the chart, we see two very rare formations: the triangle where one of the sub-waves is itself a triangle, and complex head & shoulders pattern. In a small triangle - minimum level for the wave e /orange/ is reached. thepatternsite.com www.elliottwave.com
The wheat chart has a very interesting and huge terminal triangle in the weekly scale. You can enter long as depicted on chart, and aim for the high volume node above, or even the start of the terminal triangle if it were to be valid. As you can see in the related ideas, it's highly probable that the dollar has topped in the long term, and the macroeconomic...
Both fundamentals (record/near record crop yields), strong U$ and technicals favour continue downside
Corn is ripe for the picking and ready to POP. With glut of corn in silo's we like the downside...BUT, this can either way. Be nimble. We expect a nice 6-8 day run.
Still under pressure. We are waiting for seasonal bottom. The postman always rings twice.
It's all in place for a new potential turn... Context From extreme top to center to extreme low again. And here we are, at the L-MLH (Lower Medianline Parallel). We had a nice push through the upper ML-H. And so we can expect the same below here (dashed red sliding). In these higher timeframes we can see very good how price is reacting within a fork, which...
El niño fully active - I expect a harsh winter in Europe / La niña is coming/ and smaller harvest in subsequent years.
Both corn and wheat downtrend will continue. Since Dollar is very strong, agriculture is flourishing, oil is cheap, and is going to get cheaper, Corn and Wheat prices will go lower. There's no shortage of food, and it will continue to be like that in the next period. Unless something bad happens this summer, in terms of weather, Prices will go lower. The...
Both corn and wheat downtrend will continue. Since Dollar is very strong, agriculture is flourishing, oil is cheap, and is going to get cheaper, Corn and Wheat prices will go lower. There's no shortage of food, and it will continue to be like that in the next period. Unless something bad happens this summer, in terms of weather, Prices will go lower. The other...
Wheat is neither good, nor bad. Currently, it formed a bullish flag on daily, MACD/RSI convergent with price that is going up. First, breaking into a new 15 day high, above 530 would mean breaking the small wedge and going up. Breaking the 200 day EMA at 535$ would make wheat go into an uptrend, all the way to 600. News: economictimes.indiatimes.com Hedge funds...
You can hardly get a simpler and less ambiguous recommendation than that. After a 7 year bear market I think the time may have come for wheat to rise again. You can see a small monthly RSI divergence which has formed over the past 6 months and a larger hidden divergence which has formed over the past 5 years. Commercial buying is at historic levels and the...
Very difficult situation for farmers - opportunity for speculators.
We may have missed the Crude trade however, Corn is a different story. We are expecting Corn to trigger today. Our targets are listed. If Corn triggers and then closes inside the wedge we will close the trade, otherwise our targets are posted. Stay tuned
Corn has broken and closed below it's wedge on a weeky time frame. We are looking for pullback triggers to get involved to the short side. Targets are identified and the stop will come from the trigger (on a 60 or 240 min chart)...NO TRIGGER, NO TRADE!
Corn on the weekly chart is coiling and setting up for a great move. As we always say ...if you want strong moves that will last longer than a day then you need to watch the weekly charts. It takes patience to wait but they are nice when they explode. Stay tuned.
Above 998 and the squeeze will have shorts scrambling. A close above this area and we will be looking for triggers long.
Wheat has been in free-fall since Dec. 19. After a strong buying day on Monday, sellers are keeping the price clamped down right at the 9 day EMA. This is one to watch as it's setting up for a possible rally if it can break through that resistance line.