Mother of God. Last night I was reviewing this chart and about to call a top in $CORN as the decline was deep. While price made a low into a very significant level of support, I was and still am leery and thought that further declines may occur.
Today, Corn gaps up and was limit up in $ZC_F. While I won't chase this due to the fact that there is to much risk at the current levels, I may be interested in buying a pullback only if I can verify a five wave move to the upside with a protective stop below the previous lows.
Time will tell.
Best of Trading
======================================================================
ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure.
Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content") provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade.
A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.
======================================================================
Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.
In a follow up note... I could label the decline more aggressively i.e. impulsively and thus my cautious stance.
ReplyDelete