FOR MONDAY: (8/14) Patterns look just about complete on grains but one more push down would set up a buy for week for traders. Cattle look lower this week but need a 1-2 day bounce to get better prices. Hogs look mixed this week.
NOV. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (8/14) 4th-wave bounce target is 956 and 969 and that could be a target for next week. Lower support all the way down to 917-21 and possible if funds continue to ride this market on Sunday or early Monday. If we see 917-21, it would be a countertrend buy for a week. We do see a recovery next week but not in a hurry to play the long side.
OVERALL: The last 3 years, Augusts have been lower and bucked the seasonal trend to recover the July swoon.
CYCLES OVERVIEW: Lower into Sunday; recovering into Tuesday and possibly recovering into Aug. 20; lower into Aug. 22.
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