SM and Soybean are highly correlation
SB and KC are highly correlation
These futures are now at a very low level,and we can see the beginning of a new uptrend now ,will they go up together while the DXY goes down?
In a prior post, I outlined dual AB/CDs (+ alternate) for a PRZ,
which Beans reversed at as anticipated. In reviewing this,
I see Beans have moved back up towards the PRZ. In
analyzing this, I believe a Deep Crab pattern development
may be overriding the move down I was looking for. For
anyone who may have shorted in the area of the PRZ of the
prior post, I would...
After reversing at our anticipated PRZ, we now the pleasure of
determining where to book profits. I have provided several options
and how determined. Of course, exits are ultimately the sole decision
of each individual.
In light of my long term potential bearish shark (currently around "C"),
I believe there is a long bias for months to come in Beans. Thus, opportunities
to get long should be sought. We have an AB=CD and an AB x 1.272 = CD tightly
confluent just ahead. This could certainly be viewed for a potential short. I
view this as an alert that a pullback may be forthcoming,...
The C point of this potential bearish shark has just occurred at support. I believe
this should give a long bias to Bean trades in the coming months/years. Stoch
is divergent and still in buy position. I will attempt to follow up with lower time
frame patterns that offer areas of long entry as they occur. Very tight PRZ if/when
we get there. Early pullbacks at...
Prices came up with strong bullish momentum yesterday amid China-US trade negotiation will have better outcome.
From the technical analysis point of view, the bulls momentum will continue if it break and stay around the trend line again today.
Consider the US midterm election is around the corner, bulls may continue around the 900s.
This week price closed with strong bearish momentum after hitting the reversal zone.
With production estimated up, and uncertainty with China trade, the bearish momentum may push further to 854 - 820 level in coming weeks.
Looking to complete the downward range to -27.2% level of the weekly Fibonacci retracement range.
Price at 38.2% of current Fibonacci retracement range, momentum still unclear at the moment.
However the bearish momentum from previous candles (from the significant level and reversal zone above) may continue.
After seeing such a steep recent decline I started looking for signs of a bullish bounce. Unfortunately, it looks brutal:
1. recently retraced more than 100% of previous up-move, which indicated additional consolidation / correction is needed.
2. While it is a little messy, I can make out a 5 wave down move from the 2012 highs. This would mean we are likely...