Posted by pugsma on February 2, 2015
5:10 pm EST: Below are the CORN and WEAT wave count updates.
CORN’s price move from 27.83 to 24.67 looks like a typical wave 2, 62% retracement for minor 2 of major [1]-P3.
CORN 4-hr chart (EOD):
CORN weekly chart (EOD):
WEAT price at 10.70 today is nearing a violation of the P2 low at 10.62. Thus if 10.62 is breached then the move up to 14.07 was minor 4 of major [C]-P2 and minor 5 of major [C]-P2 needs to complete above the 10.25 Cycle low.
WEAT 4-hr chart (EOD):
WEAT weekly chart (EOD):
Posted in CORN, WEAT | Comments Off on February 2nd, 2015: CORN and WEAT Wave Count Update
Posted by pugsma on January 13, 2015
6:30 pm EST: Here are the updates to both CORN and WEAT wave counts. Both appear to be in a minor 2 of major [1]-P3 corrective wave that is complete or nearly complete at the typical 50%/62% retracement. Both counts remain valid above their respective P2 lows of 22.62 and 10.62.
CORN 4-hr chart (EOD):
CORN weekly chart (EOD):
WEAT 4-hr chart (EOD):
WEAT weekly chart (EOD):
Posted in CORN, WEAT | Comments Off on January 13th, 2015: CORN and WEAT Wave Count Updates
Posted by pugsma on September 16, 2014
11:45 pm EST: The WEAT price just hit the major [C]=[A] target of 11.31 to potentially complete the P2 wave down from the year 2012 P1 high of 25.94. WEAT price must remain above the 10.25 Cycle low from 2010 for this wave count to remain valid.
CORN price is also hitting a potential P2 bottoming area here at the 23.79 pivot. The Cycle low from 2009 is 18.83, which is the lower limit for this P2 wave.
WEAT 4-hr chart (9-16-14):
WEAT weekly chart (9-16-14):
CORN weekly chart (9-16-14):
Posted in CORN, WEAT | Comments Off on September 16th, 2014: WEAT and CORN Wave Count Update
Posted by pugsma on September 9, 2014
11:25 pm EST: Here is a look at the daily chart of JJG (Grains EFT) over the past 3 years. Positive divergences on RSI, MACD and STO are building here in the fall of 2014, much like in the fall of 2011 before the last sustained move higher in JJG during 2012.
JJG Daily Chart With Indicators (9-9-14):
Posted in CORN, JJG, WEAT | Comments Off on September 9th, 2014: JJG Daily Chart
Posted by pugsma on August 16, 2014
9:35 pm EST: Both CORN and WEAT put in very slightly lower lows this week that make better potential P2 bottoms at 25.30 and 12.53, respectively.
WEAT 60-min chart (EOD):
WEAT 4-hr chart (EOD):
CORN 60-min chart (EOD):
CORN 4-hr chart (EOD):
Posted in CORN, WEAT | Comments Off on August 16th, 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):
Posted in CORN, WEAT | Comments Off on August 9th, 2014: CORN and WEAT Count Update
Posted by pugsma on July 28, 2014
4:40 pm EST: WEAT may have found the P2 bottom at 12.67, just have the 88% fib retrace of P1 at 12.13. WEAT will need to clear the 15.61 level to confirm the P2 bottom is in place. If P2 heads lower than 12.67, then it must remain above the Cycle low of 10.25 from the year 2010 or the entire wave count will need to be scrapped.
WEAT 60-min chart (EOD):
WEAT 4-hr chart (EOD):
WEAT weekly chart (EOD):
Posted in WEAT | Comments Off on July 28th, 2014: WEAT Wave Count Update
Posted by pugsma on June 30, 2014
4:30 pm EST: CORN broke below the early 2014 low of 29.50 indicating the P2 correction lower is still underway and likely headed for the 26 to 27 area, with an outside shot of reaching 23.79 pivot. The CORN targets are $26.60 ($3.85 per bushel) to $24.17 ($3.50 per bushel).
CORN 60-min chart (EOD, 6-30-14):
CORN 4-hr chart (EOD, 6-30-14):
CORN weekly chart (EOD, 6-30-14):
WEAT so far has held above its early 2014 low of 13.31, thus keeping alive for now the primary wave count that the P2 low is in place.
WEAT 60-min chart (EOD, 6-30-14):
WEAT 4-hr chart (EOD, 6-30-14):
WEAT weekly chart (EOD, 6-30-14):
Posted in CORN, WEAT | Comments Off on July 1st, 2014: CORN and WEAT Count Update
Posted by pugsma on June 27, 2014
3:30 pm EST: Both CORN and WEAT have a wave count set-up for an explosive impulse move higher, as long as their respective recent lows of 30.20 and 13.90 hold. Should those lows be broken, then the early 2014 lows of 29.50 and 13.31 must hold or the proposed wave counts would need to be scrapped all together. Next week should be decisive one way or the other.
CORN 60-min chart (EOD):
CORN 4-hr chart (EOD):
CORN weekly chart (EOD):
WEAT 60-min chart (EOD):
WEAT 4-hr chart (EOD):
WEAT weekly chart (EOD):
Posted in CORN, WEAT | Comments Off on June 27th, 2014: CORN and WEAT Count Update
Posted by pugsma on June 18, 2014
1:00 pm EST: Both CORN and WEAT have reached their respective 88% retrace limit for major [2]-P3. If CORN breaks below 29.50 or WEAT below 13.31, then the respective wave counts are invalid.
CORN 60-min chart (mid-day):
CORN 4-hr chart (mid-day):
CORN weekly chart (mid-day):
WEAT 4-hr chart (mid-day):
Posted in CORN, WEAT | Comments Off on June 18th, 2014: CORN and WEAT Count Update
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