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Tech Guy Opening Calls & Comments 8/22/23

Sep Wheat - Steady

Dec Corn - Steady to 1 Higher

Nov Beans - 1 Lower

Elliot wave corrective #4 wave lows can be as low as the top of the #1 wave high. Apparently, this is what November Soybeans had in mind today. The main thing I have to emphasize, is don't allow the corrective selling to fool you into believing that the chart action is weak.

The selling action is best characterized by short swing traders taking advantage of the fund bulls being patient to add more long contracts at a lower price. The most likely turn of events is for soybeans, and to a lessor extent, corn, to experience significant rallies over the next few weeks.

Here is today's November Soybeans 2 hour chart showing support at the #1 wave high price today.

Here's a look at the weekly soybean chart. The most likely first move will be for price to test the 1615 highs, possibly by October option expiry on September 22nd. Can you spot the inverted head and shoulders without the labeling? Hint: the neckline is upsloping, running from the February highs to the July 1st high.

We are looking at a zoomed in version of the September Wheat chart - specifically, the 1 hour chart, so we can clearly see the 2 legged A-B-C correction from the last 2 days. It looks like a flat because C found buying support at the A low.

I do not believe the Thursday, August 17th low will be taken out. In fact, The C low at 594.75 should hold. Take a look at the 1 hour wheat chart.

Support levels can represent the low price of the day or the closing price. December Corn closed at 479, within 2 cents of where I thought support would be for the day.

Today's low print came within 3 ticks of the August 15th low. At this point corn can still be viewed as starting a 5 leg Elliot wave pattern, a sloppy inverted head and shoulders, or after today, an almost double bottom.

As with soybeans, don't let the selling fool you. Check out today's 1 hour December Corn chart.

We are still following the October Crude Oil correction. An A wave low is in place, with a small B leg up move. The C leg could selloff as far as 77.50, the #1 wave high. Take a look at the updated crude daily chart.

...EXCESSIVE HEAT WARNING NOW IN EFFECT UNTIL 7 PM CDT THURSDAY...From the National Weather Service for the highlighted fuschsia color area.

At 4:20 CDT, it is 102 degrees with a heat index of 114 near Marshall MN, 100 degrees with a heat index of 111 at Sioux City IA, 108 degrees (with low humidity) at Winner Wiley Airfield, SD, and a heat index of 110 at Huron, SD. FYI.


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