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.
March and May wheat appear to be building a head and shoulders. RSI is moving down and wheat crossed and stayed below the 20 day MA today. Neckline is at 460. We may get another bull move before a possible neckline break. Be warry of another bull move out of head and shoulders. Head comes in at 479 for May. If H&S happens, minimum fall expected to be 448'6.
June CAD has created a H&S and is below the 20 day MA. Looking for a fall through S2 to S3 where we may get a bullish Gartley. The possibility for CAD to make a run to .77900 is possible was well, but RSI may not take it there without a flag or two.
Since the move on USD the New Zealand dollar is setting up for a fall. Projected pattern bullish Gartley. RSI 50% should take us down to S2 support at .7055
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.
April Hogs index is moving up again as RSI on hogs is oversold. Next projected analysis is a bearish butterfly. Doji appeared today at R3. Expect up move for Friday. Confirmation needed. Support for now comes in at S3. There could also be a double bottom before last move up. We are initially setting this a S2.
December Live Cattle maybe creating at Head and Shoulders / Bullish Butterfly. Neckline comes in at pivot 114.625. Break up above R2 would negate H&S. Minimal drop would be to S1. There is still a lot of RSI to make up so this may take a while of up and down.
May Soybean appears to be creating an Elliot Wave. Gap up day suggests higher highs to R3. Bullish Cypher possible pattern, which may form a head and shoulders. Uptrend in play.
Soybeans creating Elliot Wave. Upside target 1040. Initial target 1025 at R2.
Lumber may have found a top and could be creating a head and shoulders. R2 has been achieved. Neckline comes in at pivot 468.7 for March. RSI at the moment is falling. Expect Monday to be a down day, but followed the rest of the week to build out right shoulder. A break above R2 would signal no H&S and continued uptrend to R3 at 515.5
New pivots have arrived and we are projecting Bearish Butterfly for Meal. RSI rolling downwards. Meal dependant on Argentina weather and purchases. See Meal bullish long term to at least R2 at 355.8. Downside target right now at 317.6. Volatility is high and again dependant on the factors stated.
New pivots have arrived and we are projecting a Bearish Bat for wheat. RSI is still high and see one more push up to R2 at 469'2. Depending on how the weather continues and if wheat is sold in large quantities, selling may not be as big as expected.
April Cattle is building out what appears to be a bearish flag today. Won't know until end of day if it does a full drop or doji. Bull Shark pattern is the next projection. There is very little upside on this month as R3 isn't far away, but it could still find some strength to tap out RSI.
CAD not reacting too much to USD as it is horizontal looking for strength. CAD horizontal move into wedge pattern and the fact that we are on the top side of RSI suggests a fall. There maybe still a some top side for CAD if USD falls again. It will need to do some clearing of RSI before significant upside can be achieved.
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.
Extreme networks looks like they may be surging higher as it made a bullish move nearing top part of wedge. Target R3 at 14.50
A potential bearish Butterfly for Meal crossing over pivot. Upside target R1 at 341.6 where RSI should top out.
Possible upside run for MSI to beyond R2 at 22.91. Must break pivot and stay above for confirmation.