March Corn is creating a bullish flag today suggesting higher prices. Would be careful on this one as more chop would be in the offing for grains before Thursday's report. Next potential high is 366, 88.6% of the XA leg. If bulls can push it higher then the top of this market at 369. If the report on Thursday is bullish then the completion of the Butterfly at...
The March Canadian dollar is creating a bullish flag today. The USD was down and looking more bearish. The USD is creating a head and shoulders, so for the moment, the USD will be in chop allowing the CAD to progress higher. Next upside for the bulls for the CAD is the 61.8% position at .76305 and if it can push higher 78.6% completing the weak Cypher pattern at...
March Natural Gas fell off a bearish flag today. An intact bullish Cypher pattern still exists. Next low for bears is 3.00 and then 2.963 to complete the Cypher pattern. Warmer weather is forecast for most of the US this week.
Soybean Meal saw a little gain today. The candle created did not reach 50% of the previous day candle. There is a downtrending wedge here that has been indicating further downside, but bulls have supported this market and Soybeans for quite a while. We are all waiting for the Thursday USDA numbers. There are two patterns overlapped here, both indicating a bullish...
March Oats fell today continuing indication of a bullish Cypher pattern developing here. It met the 61.8% retracement from the previous BC leg. The candle created suggests further downside. Next target for bears is the 78.6% position of leg BC to 221'4, and then to 88.6% at 219
March Milk Class III found buyers today and rose from an internal bullish Gartley now produced from the high. Look for higher prices. Next target for the bulls is 17.46 would the 88.6 retracement. It could be that MIlk is trying to create a double top or butterfly. Milk has also entered back into the 1/1 Gann fan which strengthens this market. It may also cross...
June Live Cattle was up aggressively today charging up to 105.40 breaking the downtrending wedge. The previous Gartley pattern that was inset is no longer possible. The new pattern is a bullish butterfly. Next target for bulls 106.375, and if they can pull it higher the 141 extension to 108.100. There is still a possibility that a double top can be formed here at...
April Lean Hogs tried to break 68.475 for higher highs. Several hammers have been created suggesting further long position. Next target for bulls 68.925 and then 70 to complete an open Elliot Wave 1-5.
There is a bearish flag developing on March Natural Gas as well as a bullish Cypher pattern. Look for prices to fall to possibly 2.96 completing the pattern.
There is a large head and shoulders developing on the USD index that should in the coming weeks propel the AUD, CAD, NZD, BPD, EUD, upward. The left shoulder and head have been created. Looking for the right shoulder in the next two weeks. Elliotwave was breached in the last two days by having position 4 enter position 1s territory. Gartley pattern still intact....
March Class III Milk is creating a bearish flag to fullfil a Bullish Gartley setup. A downward wedge began this possible pattern. Prices may fall to 15.95 if bears have the willingness to do so. Happy trading.
June Live Cattle supported prices at 104 Friday. There is a downward wedge here but prices came back Friday to negate some of this action. A potential small bullish Gartley pattern is taking shape to push prices down to 101.050 before continuing up. If bulls can continue this markets upward climb look for 104.725 as next potential target. If bears can sag this...
April Lean Hogs hasn't broken uptrend and is continuing to hold Cypher pattern. Looking for prices to rise to 70 if bulls can move this market higher. Last leg of the Elliot Wave would bring this market to Cypher pattern completion. Remember that the Cypher pattern BC leg can extend up 113-141.4% making the price 72.650. Prices remain above the 20 day moving...
March Corn still sees horizontal movement with creep upwards. Thursday is the USDA report for all grains, but the 2016 crop is still impacting this market. If USDA report shows a lowering of future crops, this may help corn. Also Funds may buy this week so support levels around 354'2 off the 3/1 Gann Fan may hold. If prices fall further look for 349 4/1 Gann Fan...
March Soybean Meal is wedging down and looking to complete an bullish Cypher pattern that has been going on for quite a while. Don't be surprised if Monday is another up day followed by more chop. If bears can push it lower, look for 304.2 as a target.
March Soybeans is wedging down and is looking at a bullish Bat / Butterfly to start the next week. Wouldn't be surprised if Monday was an up day as this market is a rollercoaster. If prices continue to fall look for 966 as the first target with 921'6 as the butterfly end.
April Lean Hogs was up today on strong buys and building a bullish Cypher pattern. Next target for bulls is 69 which could produce a double top. Hogs moved back above the 20 day moving average and remain in a strong up trend within the 1/1 Gann Fan.