August 9th, 2014: CORN and WEAT Count Update
Posted by pugsma on August 9, 2014
2:20 pm EST: It’s looking more and more like CORN will not bottom until after the 2014 crop has been harvested in the late summer to early fall of 2014. If 25.32 does not hold for the P2 low, then we have the alternate (blue) count with a wave (4) triangle of minor 5 of major [5]-P2. The minor 5 = 0.62*minor 1 target is 23.48 and the minor 5=1 target is 21.49. There is also pivot support at 23.79 and the 88% retrace of P1 at 21.89. For the CORN wave count with a pending P2 bottom to remain valid it must remain above the 2009 Cycle low of 18.83.
CORN 60-min chart (EOD 8-8-14):
CORN 4-hr chart (EOD 8-8-14):
CORN weekly chart (EOD 8-8-14):
WEAT Continues to struggle and also my wait to bottom along with CORN in the summer to early fall. If 12.60 falls, then the 88% retrace target is at 12.13. For the WEAT wave count with a pending P2 bottom to remain valid it must remain above the 2010 Cycle low of 10.25.
WEAT 60-min chart (EOD 8-8-14):
WEAT 4-hr chart (EOD 8-8-14):
WEAT weekly chart (EOD 8-8-14):
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