Trading is done… commodity happy hour.

Dec Corn :  after pushing thru my support numbers managed to close over my last support number of 452 as there is a great chance that a bottom of wave 2 has been seen. ( position holding longs) 

Soy oil : looks to have also run it's course today per my post this week and finished off with a nice rally today. 

Holding small position long

sugar had a miserable week but did manage  a possible shallow wave 2 in the July contract but managed to hold support on the daily chart at 1682. 

the weekly chart is showing a possible finished  ABC of a triangle. Needing the D wave and E (final wave) to complete. If this is the case I would like too see a rally toward 1810 in the week ahead. 

Holding longs…

Have a great weekend… if you have markets you would like me to take a look at please feel free to drop me a note.

CK

Sugar update … July now considered a w2

July sugar has breached the low of 16.82 and by rule wave 4's cannot move into the price area where wave 1 ended. Therefore what Im looking at now appears to be a wave 2.  

Long term sugar chart ...... If I have this correct its gonna be a fun ride.

As you can see from the chart above I can count what I believe to be a wave 1 and then what appears to be a  finished wave 2 that most likely ended at 14.72. we are however below the .786 support at around 17.91. A little something about wave 2's is that we can retrace the entire move up we just cannot violate where wave 1 began back in 5/7/2010 of 13.00. What I would like to see is a move back above that .786 level of 17.91 and have it hold as I believe we are in the very beginning stages of a wave 3 higher which if correct could begin at any time that could target as high as 52.06 if wave 3 is equal to 1.618 of wave 1. I will be watching this market closely as I Will be looking to Add to my positions in march 2015 contract and further out with some out of the money call options.

 A break back over the 20.16 mark and more importantly the 31.85 level which would be counted as the B wave of the zig zag will be our first clue that wave 3 has begun.

Remember if this is a third wave starting it will divide up into a 5 wave impulse pattern that looks to have started at a low of 14.72. Time will tell.

(Note : this is just my opinion on what I'm seeing and by no means is this a recommendation to buy or sell this market)

good trading
CK

Dec soybean oil bottoming out ?

On the daily chart it looks as if we are finishing a wave 2 zig zag or could possibly finish it any day now as we have hit a target where wave A will be equal in length to wave C. The next possible target to would be where wave C would be .618 of wave A. The only way that this count becomes invalidated is if we move just one tick below 37.72 on the daily chart.

Dec Soybean oil

small position taken 3853 basis Dec

Good trading

Dec corn update for june 2 2014

Dec corn has hit my first and second target and closing in on a (.786) of  452 and  a possible deep wave 2 that could possibly end today in a bullish candle morning star reversal pattern.
Below is the daily chart labeled waves that I am currently looking at and is my main count as of this writing.

 

Here is a quick pict and definition of a candle in a star position