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Tech Guy Opening Calls & Comments for 8/3/22

Delayed due to technical difficulty.

Sept CBOT Wheat 3 to 4 higher Dec Corn Steady to 1 lower Nov Soybeans 1 to 3 lower Both December Corn and Nov Soybeans sold off into the top of the breakaway gaps this afternoon - but they could not close the gaps. This is what I expected and it is bullish. In normal markets - where the supply/demand is more balanced - filling gaps is almost always the goal for the market to accomplish. Because our grains could not fill their gaps, this verifies and confirms what we thought on last Tuesday's gap up - that both Dec Corn and Nov Beans have begun new, strong uptrends. On Monday I said the correction should be completed in 2-3 days - this is 2 days from Monday and 3 days into the correction - I believe the charts showed us they are ready for the next impulse up - This is a new uptrend remember, so impulse means "going with the trend". The next leg up should go higher/much higher than last Friday's highs in both corn and beans. The first target in Dec Corn is 684 (a gap) and the contract high (1584.75) or higher in Nov Soybeans. You will see on the Dec Corn chart below and that its pattern is also like (Nov Beans) an upside down head & shoulders and a big double bottom or "W". Just like the Nov. Bean chart on Monday's comments, the Dec Corn has a W target - It is between 715 and 733 (another open gap). Notice everything labeled on the chart including the Elliot wave count of 1-2-3 where 3 (blue line up and to the right) is the projection for this next up leg.

The 30 minute Nov Soybean chart below shows that the 3rd bar had the most trading volume today. This confirms and supports the idea that the correction has run its course and the next up leg begins now.


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