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Tech Guy Opening Calls and Comments 2/5/23

March Wheat - Steady

March Corn - Steady to 1 Lower

March Wheat - 1 to 2 Lower

On Friday, March Wheat rallied up to within a tick or 2 of the next chart's balance lines, then pulled back from there closing very near to the neckline. These supply/demand balance lines are very reliable.

The most likely scenario moving forward for March Wheat is for it to continue marking higher highs and lows as it did on Friday, while reaching higher for the balance lines above, then backfilling afterwards.

Therefore I see some potential large swings back and forth over the next few weeks. Please study the 4 hour March Wheat chart, noticing Friday's high and the balance/target lines above with price. Remember, the bumps on the left side of the chart create these lines to predict what price will do in the future. Bumps on the left equals bumps on the right.

Meanwhile, the weekly Soybean chart painted it's highest weekly close since last June, closing only 16 cents below the high of 1548 from 2 weeks ago. This is bullish.

March Soybean Meal marked it's highest close for life of contract and the continuation chart closed above last years high on Friday. Meal also painted it's highest close since early June, 2014 on the weekly and monthly charts. I believe this is bullish. We are likely to know for sure on this matter in the next few days. Here is the updated meal continuation chart.

March Crude Oil has looked horrible the last few days and might sell off to test the December lows around 70.25, because 75 could not hold support.

The March S&P finally completed the next 5 waves up on Thursday of last week, hitting the next target higher. This spot is the completion of big3 wave. Also, count the 5 waves (not labeled) between 4 and 5. This is a good example of smaller waves being within larger ones, still within a larger one - 3 degrees of Elliot wave. It's like seconds which make up a minute that makes an hour.

This "next target" which was reached is also an old swing high from December. Now it's probably time for a correction/backfill back down to the 1st target line - this will be numbered big4. Check it out here.


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