Weekend Update - Grains

CORN
The corn market traded higher this past week after retesting the broken channel.

I interpret structure to still be tracing intermediate (4) of primary [A].

It's possible that wave (4) has completed and (5) has started. I don't believe this is the case though.

Being a 4 wave, there is always the chance of a triangle or some type of complex pattern.

Should (4)'s price low be in, we can start to get upside projections. (5) = 61.8% of (1) - (3) at 428.25.

RSI has done a good job of maintaining its uptrend line. We should expect to see our customary divergence when (5) completes.

A critical level remains the price extreme of (1) at 347.60. Should price trade through that level, then we would have to take another look at structure.

Bottom line - I'm expecting some more grinding away in this wave (4) this upcoming week.

Price basis December contract.

SOYBEANS
The bean market traded higher this past week after bouncing off the daily 50 sma.

Interpretation remains intermediate wave (2) of primary [C] of a double zigzag cycle b wave.

Price action off the 951.25 L does not appear impulsive. This suggests that (2) needs additional work. Should this be the case, the channel will be in jeopardy.

The 880.25 L is a critical level. Any trade through this price invalidates this leg being a (2).

A triangle may still be in play, whether an [X] or [B].

The retracement levels of (1) are on the chart.

Bottom line - It appears that wave (3) will need to wait a little longer. I'm expecting downside pressure for the upcoming week.

Price basis continuous contract.

WHEAT
The wheat market enjoyed nice upside price action this past week.

I interpret structure to be in intermediate (2) of primary [A].

It is unclear if we are still tracing minor B of (2), or if wave (2) has actually completed. My guess is that we are in the finishing stages of minor B , with C down to follow.

The alternative is that (2) completed at the 487.75 L and we have put in some smaller degree 1's and 2's.

Notice that we are back at the channel. This would be a good spot to complete B.

Any trade through the 574.75 H would signal that (3) has commenced.

The dotted vertical lines in the RSI pane represent Gann dates. The last 2 have been spot on for very tradable lows. The next date takes place on December 2nd.

Bottom line - I'm expecting price to start retracing very soon. The retracement levels are on the chart.

Prices basis December contract.

The grains have had big reactions off of the moons as of late. We have a moon on Monday the 16th.