We have two things being generated on Lumber. First is an Elliot Wave. The second H&S. There was a bullish flag today suggesting a push to S3 and taxing RSI. Previous uptrend and pull back brought double top before rejection.
March Corn head and shoulders setup to bottom of channel and possibly beyond to S3 at 338'6.
Wheat was on a little upsurge and looking for more strength to rally. Made a possible bear flag today. USDA report comes out Jan 12 and is people are expecting it to be bearish in scope. See a fall out down maybe a little. Weather starting to grown warmer for the weak with precipitation behind. Right now I am showing a Bearish Gartley. Should know more next week...
Soybeans rising off of RSI low and previous bullish Gartley. Next projection Bearish Bat. R1 should take us to RSI top, but not necessarily full RSI overbought territory. Next upside target 981 at pivot. We are also nearing 20 day moving average break.
March Milk has been sliding for over two months. It is looking like it will fall again through newly formed S1. Downside target S2 at 13.23. End may come at S3.
ENTG looking to make another move up and triple top. Upside target 32.30. If it can break heavy resistance area R2 at 33.08 would be its next target. Next pivots would be similar to the last two weeks so not sure of how much open space ENTG has.
March Soybean Oil creating a bearish Cypher. Next upside target for bulls is breaking R1 at 34 and climbing to R2 at 34.41. BO has been averaging below R3 and not eclipsing, so this is why I believe Cypher is in the offing.
Feb Gold is creating the last end of a Bearish Cypher. USD is falling off of a H&S. Next upside target R1 at 1295.74, then R2 at 1303.06. Support comes in at 1277.72
NZD tapping out on RSI hit just below R2 resistance. Expect fall soon. USD bullish and at an end for downside, or at least pretty close. Downside target for NZD is pivot at .7006. Need break at R1 .7124 for confirmation.
Live Cattle creating long term H&S on most charts. Ran into some head wind today for another move higher. Trapped in a three drives scenario. Had broken a downtrend line at 123 and above the 20 day moving average. Went negative today. This may be the top end of the last shoulder. Need more confirmation. Still potential to move higher as there is a projected...
April Hogs has created a bearish flag and top of a bearish three drives. Need confirmation before taking an interest in this bearish scenario. We have seen a fight with bulls and bears in the past week keeping hogs high. It happened again today. Index once again fell, so the logical action would be to sell, but when have futures been logical. Bears have been very...
FIRE looking like an uptrend move after good news of growth and expansion. Will probably run between pivot at 1.793 and 2.6 until another significant move.
Canadian dollar should have moved up on gap down on USD, but pressure on CAD has left it stagnate. The H&S called for in Dec contract on USD appears to be delivering. Neckline at 92.58. Looking for a double bottom at 91.50. CAD ??? We may conclude that a bullish flat was created today on CAD. What overnight will bring we will see tomorrow.
Feb Live Cattle made a bullish move today creating either a three drives scenario or a possible bearish bat. Cattle needs to break 121.900 and hold steady above this line to get any traction. A fail would put us back into a horizontal three drives pattern. Since Cattle loves double tops this could also be a bearish Gartley stopping at 126.475 which is the current...
KEQU maybe setting up for a three drives bullish move. Support comes in on S1 at 25.42
March Soybean Meal fell off of a Bearish Butterfly last week. Possibly entering a three drives bullish pattern. Soybean Meal and Beans have been operating on sales alone for bullish moves. Has reached bullish support for volume. Next downside target is Pivot at 326.6
February Light Crude slowly continues up the bullish channel. Starting to turn sharper angel suggesting a possible turn around. The mid point on the weekly chart is 65, so long term target is 65. We have achieved a bearish Shark which could force Light Crude down to the bottom of the channel before heading back up. Short term RSI is in overbought scenario, but...
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...