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Tech Guy Opening Calls & Comments 8/24/23

Sep Wheat - 1 to 2 Lower

Dec Corn - Steady

Nov Beans - 1 to 3 Lower

Today's comments will be about Elliot wave, Fibonacci and basic support and resistance. As you are learning, small waves make up the larger waves, sometimes to the 4th or 5th degree of smaller and smaller waves.

To remain practical, we only need 2 or 3 degrees - a smaller set of legs/waves creating a bigger set of legs. Back to the intraday corn and soybean charts.

After opening strong and positive last night, December Corn began it's small #2 correction. I can't know for sure, but I suspect that corn completed the #2 leg on the 9-10 AM CSDT bar this morning.

As a reminder, 1-3-5 flow with the primary trend, which I believe is up in corn, 2 and 4 are corrective legs lower, constructed of a-b and c. Also, the #3 wave should be longer than the #1 wave. For December Corn, the first leg was 33 cents.

The 3rd corn wave could be about 1.5 X 33 = 49cents. This would bring the rally to about 524, which would also make sense because the next resistance is an old high to the left at 523.

Check out the 1 hour December Corn.

Wave #5 in November Soybeans will be constructed of 5 smaller waves, 1-2-3-4-5. Last night completed smaller #1 then this morning looks to have completed smaller #2, and now beans will be working on #3 of the bigger 3, which should be an extension (or longer).

It is easier to see the picture than to explain Elliot in words. The 2 hour November Beans chart is kind of squenched up so you are able to see the entire wave, starting with the beginning of Big1 on May 31st on the far left of the chart.

If you have the time and interest, spend some time studying the bean chart. Lots of numbers within numbers. The 1 and 2 of today (far right) is the 3rd degree smaller.

Here is the simplest Elliot wave article I could find that explains it very well!

October Crude Oil has been continuing it's small correction to about 77.50. Remember, wave/impulse #5 will be broken down into a smaller set of waves. Wave #5 should rally to the 94.00 area. Check it out.

It looks like the heat migrated east today. These are Illinois temperatures at 4:40 CSDT (not the highs for the day). Temps are already mitigating slightly as the sun travels westward, relatively speaking.


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