July Corn 5 to 7 Higher
July Wheat 1 to 2 Lower
July Soybeans 1 to 2 Higher
I was incorrect about last Monday, April 25 being the end of the correction in the grains. Now we know that last week was an up correction within a larger down correction.
Corrections are labeled A-B-C where A and C are down moves and B is up or sideways. Impulse is the term for an up leg in a bull market - think of it as going with the primary energy which is up (impulsive), the corrective energy is down.
July Soybeans and Corn completed their respective A-B-C corrections today. The next couple of days will confirm this. Also, this implies a new impulse will be starting (the one I thought began last week). Time always lets you know if one (me in the case) is wrong and need to update the chart.
Remember, the last impulse/up leg was 17 days in beans and 20 in corn. We are now looking at the date of around May 20 for the high of the next leg. I expect above the $8.24½ high in July corn and above $17.34 in July Soybeans.
I do not think the seasonal high is in place - the next 2 or so days will reveal a lot of information. Later this week, I will give near term price projections with the chart.
Also the May 9-12 timeframe no longer has significance according to what I see. I say this because some analysts are holding on to this date from many months ago but I do not see that anymore. The main thing to keep in mind is everything moves faster in the grains this time of year including the technical picture. we will stay on top of this and report as changes occur.
July Crude Oil finished it's correction down to 100.28 in dramatic fashion today. The up leg was about $13.00..13 plus the 100.28 low equals $113 and change for a minimum target. An extended target would be 116-118 area.
Remember the 2nd up leg is normally longer than the first. Note also that the 116 area was mentioned last week also. It is always interesting to arrive at similar numbers with updated data.