Sep Wheat - Steady
Dec Corn - 1 to 2 Higher
Nov Beans - 1 to 3 Higher
December Corn confirmed it's low today with a sharp rally that closed almost on the high, up +14.25 and above the last 2 trading day's highs. No more testing the lows needed.
Another feature of the corn chart from the D to E selloff is a large intraday gap at 620. It will help the rally back up by functioning as a magnet and it is also unfinished business.
Check out the December Corn chart and today's big green breakout bar.
August Soybeans continued to flesh out wave 2 corrective leg that is within Big 3. Notice how today's low tested the Big 1 wave high. We will see if beans can begin wave 3 that is within Big 3, tomorrow.
This wave within wave within wave concept can be confusing. Remember though, it is not unlike the branches of a tree. You have a few large branches that spring from the trunk, then you have smaller branches that spring from 1 of the large branches.
Then a 3rd degree smaller bunch of branches or twigs that spring from one of the last branches. Study these branches.
To reiterate the value of counting Elliot waves and discovering a smaller degree wave within this current up leg - this fact tells us that this leg has more extensions and confirms it will be longer than the 1st up leg.
Let me use a math division example. The degrees of Elliot waves are also not unlike dividing numbers. Let us say that the primary big wave is the number 25.
Then the next smaller wave is #5 because 5 X 5 (or 5 within 25 is 5 times/waves). Then the 3rd degree wave is number 1 because 1 goes into 5, 5 times. Here is today's August Soybeans - try to study the numbers again if you can.
The weekly feeder cattle chart has recently tested the 2014 highs. See if you can make out the 3 higher highs as price approached 248.85. While triple tops are not always reliable, when they occur at a previous price level they are a more reliable indication of a top.
Here is weekly feeder cattle - notice all the bars making up the triple 3.
Here is the August Feeder cattle daily chart so you can see more detail.
And again, corn and feeders often trade opposite of one another.
Lance tells me the heating oil chart follows diesel fuel pretty good, so we are taking a look at the heating oil continuation chart, which is currently the August contract. It has retraced 63% of last year's high prices.
It marked a small spike low in May, and is forming a ledge above that low that is marked 1 higher high and 3 higher lows. The right side of the spike low resembles a saucer pattern - picture the bottom of a saucer - a slightly rounded bottom.
The bears are selling, run out of steam, then the bulls are steadily taking over. The blue up trending balance lines are possible targets going forward months to a year.
The October and November Heating Oil contracts are forming a similar spike and ledge pattern that is creeping upward.