Weekend Chart Update #1

Where is the big upside gap? Beats the hell out of me. Couple of days ago my data no longer showed it. Hmmmm. I verified with my other data sources and this is correct.

Well, that non-gap had caused me to change my count. I have gone back to what I had originally thought best fit the structure. If this is correct, and I believe it is, beans are getting ready to hit the meat of their decline - wave 3 of 3.

Any print below 957.50 (A high) will confirm that the move from 680.75 has been corrective. AB=CD at 318.50...Gulp! Not sure that level is in the cards (not sure it isn't either), but the 61.8% comes in around 655, which would be considered a minimum level to look for.

Wheat finished off a nice ABC at the end of May and wasted no time in taking back that counter-trend move. If you went short the beginning of June you were screaming YAHTZEE! The joy of being short when your market falls 20 out of 25 days.

I had originally thought the structure was a big abc, but have changed my labels to reflect EWI's position, which we would end up in the same place at the same time, but why argue with the experts.

There is likely additional downside left in this market, however, it appears the majority of the damage has taken place.

Corn, just like Wheat, finished off a counter-trend move at the end of May and has been a shorts best friend since. Notice how narrow and steep the channel has been.

AB=CD at...well it's not going to get there (negative), but it may very well find the 61.8% near 147. We should see a bounce soon when 5 completes, which should complete (3) as well. Although, the easy money has been had, there should be additional downside left.

No question the grains have been the place to be short. I'm embarrassed to say that I have had zero participation in this lotto giveaway. I plan on finding my way into beans when trade opens Monday.