Weekend Update #1

SoyBeans Nothing has changed in my assessment of beans. It still looks ripe to begin the meat of its decline - 3 of 3 of 3.

The key area that we need to pay attention to is 1063.75. This is the high of what I have labeled (2). Should this level be breached, it will invalidate our 1 and 2 count.

This will also trade into the price area of 1. We will need to re-assess the structure should that happen.

Corn It appears that Corn has finished (3) (notice channel break) and is in the process of tracing out (4) .

If correct, targets on the retrace are the 23.6% at 330.625 and the 38.2% at 347. The 4th of lesser degree fits right in the middle.



Wheat It appears that Wheat has started its 3rd of 5. I have drawn a new channel to reflect
4 being complete.

Should wave 1 equality play out, this would put a target around 472ish. Keep in mind that commodities like to extend their 5ths.

If my interpretation of the structure is correct, Wheat should be making an important bottom in the next few weeks.