Weekend Update - Grains

CORN
The corn market closed down on the week after looking like it might breakout in the early part of the week.

My current interpretation has the corn market in the beginning stages of intermediate wave (3) of primary [5] of cycle c . My alternate view is that we are tracing a primary [4] wave triangle.

There is the possibility that primary [5] completed at the 302 L, however, I don't believe this to be the case.

The 347.50 H held, which was a key level of resistance. Structure still has not given any definitive confirmation as to what it wants near-term.

Drilling down intraday, the leg up off the 310 L appears to be corrective. This suggests that we may have a smaller degree minor 1 and 2 in place. We can't rule out that (2) has not yet finished.

If I have assessed structure correctly, we should begin to see hard downside impulsive price action. Friday was certainly a good start.

Though not shown on chart, 3 = 161.8% of 1 at 286. Intermediate (3) = (1) at 276.75. This fits in with the minimum objective of [5] at 278.25.

Key levels this week remain the 347.75 H and the 310 L.

I have included a fib set should (2) need additional work, or primary [5] being complete.

All prices continuous contract.

SOYBEANS
The bean market sold off hard this past week, particularly on Friday.

Based on my interpretation, structure is in intermediate (C) of primary [B] of cycle b. My alternate view is that primary [C] completed at the 1040 H and we have started cycle c down.

I have added a second alternate at the bottom of the chart. This is a speculative primary degree [B] wave triangle.

It appears that intermediate (B) was in fact complete at the 977.75 H. This means that we are currently in (C), if this is correct.

We are very near the lower boundary of the channel line, which may act as support. It is unclear if 5 waves down are finished, as there is always the chance of an extension, but it does look close.

This would be a convenient place for structure to turn. If not, (C) = (A) at 829.75.

I don't see anything of importance in the cycle area scheduled for this coming week.

All prices basis continuous contract.

WHEAT
Nothing new in the wheat market this past week as it continued to sell off.

My interpretation of structure has wheat in minor 5 of intermediate (3) of primary [5] of cycle v. My alternate view is that primary wave [3] is still in process.

It appears that minor 4 has completed at the 477.25 H. If correct, the minimum objective for 5 = 61.8% of 1 - 3, which sits at 439. Equality with 1 comes in at 414.25.

Intermediate (3) = (1) at 417.50.

The first clue that wheat is bottoming, will be a decisive break of the channel. RSI continues to sport a positive divergence on the daily time frame. Something to watch.

We are scheduled for a KoolsTools cycle low on Thursday.

At this point, structure suggests the downside is unfinished.

All prices continuous contract.

Edit: failed to mention that there will be a full moon on Sunday, October 4.