Weekly: - It is still a heavy bearish trend, but haDelta/SMA3 signals a possible slow down in the bearish momentum. not yet a signal for a pull back.
Daily: - Yesterday we had the first green Heikin Ashi candle after 30 trading days! The candle still had upper and lower wicks, so we need one more green candle at least to say a correction may finally starts. Price should also cross above Tenkan Sen (12,42) to enter into correction, with a possible target to 13,15-13,50 area.
Comments
Olu
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Hi K. Those charts you put up are diabolically bearish. I see nothing but a retracement - profit taking etc before the downside continues. This commodity could go to 9 after all is said and done. So I am keeping and eye out for the exhaustion of this upmove to position short
againstthegrain
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agree. the way i see it this first green ha may be a 4th wave developing countertrend getting ready for a further dive in a form of a 5th wave. like i've been saying, usd is merely retracing now and my bets are that it will resume the uptrend soon. all ags will suffer, sugar and grains included.
great chart, as usual.
TomProTrader
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Ah, the days of trading Wheat, Live Cattle, Coffee, Sugar and Soy beans... :)