Complex overlapping corrective structure is defined by the orange median line study. Mathematical symmetry and momentum divergence at blue line $319 can signal price exhaustion as this level has been tested 3 times. The final swing looks to be developing in 5 waves of (c) and a break of wave 4 signals a reversal with a turn down in momentum target red line wave B...
POTENTIAL BUTTERFLY HARMONIC FORMING OATS FUTURES. WATCH REACTION ON COMPLETION , IF REVERSAL PATTERN FORMS. LONG!!
Been patiently waiting to go long on this commodity after monitoring the activity amongst the Smart money Hedgers and the Funds etc. over the past month. Bought at 301, stop at 289, First target at 318 Second at 328. TF = Short Term.
Wait for the break, hold and close above resistance at 302.5.
stop @ 307.45 target 288.50 should this m oves against us 2nd position @ 303.05
stop @ 297.30 target 269.47 if the trade moves against us 2nd position @ 288.75 and 3rd @ 290.99
Oats is rounding out that last shoulder for this H&S Neckline must be broken at 284 for this pattern to evolve. Minimum target for this setup is just above S2 at 268. Significant support comes in at 278'2 at S1.
These are the FUTURE dates for ZO1! with the highest probability for experiencing a price swing high or low. Apply your own indicator(s) to determine the price swing direction.
Oats coming off of down channel and rising. Hit downtrend RSI. Watching for break of this mark for further upside. Oats has just crossed 20 day MA and stayed above. Next upside target is R1 at 244'4
May Oats has built out the last shoulder of an H&S today. Downside target is now to break neckline at S1 260'4. Oats went under the 20 day MA, which deems it bearish . S2 would be its minimal move.
May Oats maybe creating a head and shoulders. R1 and 20 day MA becomes resistance at 269'4. Neckline comes in around pivot at 260. Since MA is so close to R1 this market may break and stay above MA. If this happens for another bull move, we would need the next day for confirmation.
Oats in bullish wedge pattern. Watching for direction, but projecting bearish Shark with Elliot Wave. Expecting a little lower RSI before new run. New pivots have formed.
March Oats may be setting up for an Elliot Wave upward move. We saw this same setup last year about this same time. Grains are bullish right now and the old adage is Oats leads the way. We suspect it will use the 20 day moving average as a jumping off point for the next move up.
March Oats continues to sink. All harmonics points to a Bullish Butterfly. End point would put us back a few months to a low of 200. Uptrend has been broken. Next downside target for bears is S3 at 238. Suspect pull back around that area before continued downward momentum, if that happens at all. RSI would be oversold by S3. There was significant selling at 268...
March Oats seems to be trying to build out a Head and Shoulders pattern. Pivot right now has become support for a possible up move for last shoulder. Upside target 278'4. There is also a Bullish Gartely here unless Oats drastically collapses.
Long term resistance in that area BUT was weakened with the break above earlier in the yr. the fibs of the entire low to high move coupled with most recent retrace o me suggest we could see the 1.272%-1.618% extension areas (349-400) IF we see a further break above that critical 270 area.