Tech Guy Opening Calls & Comments 7/25/23

Sep Wheat - Steady

Dec corn - Steady to 1 Lower

Nov Beans - 3 to 4 Lower

We are taking a look at a zoomed in version of September Corn today, so you can see a bit more detail. Remember yesterday I talked about counting the up impulse wave, and that I was not going to divide the wave into smaller sub waves because it isn't necessary.

So far then, we have a 1-2-3-4-5-6, with 5 and 6 being marked last night and today. To reiterate, I expect this leg to print 9, 13 or 17 waves. For your information, dividing the leg into sub waves would result in a count like this: 1-2-3-4, then now subdividing today's action as a smaller 1-2 within the bigger wave.

The only difference is you either get 5 or 9 main waves, but it's 6 of 1 and half a dozen of the other. Support for September Corn is from 546 to 543 for tomorrow's session. Check out the 1 hour corn chart.

September Wheat also marked a consolidation day with a similar small correction as corn. We are looking at the 2 hour wheat. You can see the same 6 points (not labeled) of the smaller waves, as corn, on the chart.

Therefore corn and wheat are mirroring one another with wheat leading, no doubt. Here is the September 2 hour wheat. We will zoom back out tomorrow.

I read something interesting about Fibonacci and the history of it.

Fibonacci and Elliot wave go hand in hand, because the analyst is trying to determine price targets of each wave and the total wave length - how long will they be? This is from elliotwave-forecast.com.

2) Fibonacci

2.1 Introduction

Leonardo Fibonacci da Pisa is a thirteenth century mathematician who discovered the Fibonacci sequence. In 1242, he published a paper entitled Liber Abacci which introduced the decimal system. The basis of the work came from a two-year study of the pyramids at Giza. Fibonacci is most famous for his Fibonacci Summation series which enabled the Old World in the 13th century to switch from Roman numbering (XXIV = 24) to the Arabic numbering (24) that we use today. For his work in mathematics, Fibonacci was awarded the equivalent of today’s Nobel Prize.

2.2 Fibonacci Summation Series

One of the most popular discoveries by Leonardo Fibonacci is the Fibonacci Summation series. This series takes 0 and adds 1 as the first two numbers. Succeeding numbers in the series adds the previous two numbers and thus we have 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89 to infinity. The Golden Ratio (1.618) is derived by dividing a Fibonacci number with another previous Fibonacci number in the series. As an example, 89 divided by 55 would result in 1.618.end

We are taking a look at September Soybeans today. Price tested the contract high during yesterday's trade and today was an inside day (energy build). Therefore, the next big up day will be bonafide upside breakout in the November contract also. You will be able to see the inverted head and shoulders (not labeled), as well. Take a look at September beans. Sorry for the change in spacing.

August Live Cattle Update:

Remember last week we were thinking cattle could have topped out for now. We have more evidence about this because cattle has traded down 2 to 3 more days. At the very least, cattle will be in a down correction probably for several days to weeks.

We don't know if this is a long term top or not. Also known is that the price of August Cattle is at the level of all time highs - how long will it remain at these levels? Here is the updated August Live Cattle chart.