FOR WEDNESDAY: (8/2) Tuesday was a very exhausting and frustrating day as the market finally gave it up and we missed the boat and were bottom-picking. We still may be correct and off a day but will be patient and see what develops by morning. Countertrend buys do not need to be rushed into.
DEC. CORN (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (8/2) Key support at 375 and 373. We kept looking for a big flush lower last week and for these numbers and then gave up. Now that they’re here, do we have the courage to buy? 4th-wave target is still 394-96 and it could take a long congestive time to happen. We eventually see 355 but that may be a fall seasonal low after a grinding 4th-wave congestion.
OVERALL: We could have a congestive rally that stalls under 396 and then a breakdown to 355 is what daily chart patterns suggest. We’re not clear on timing for this but do think that corn will hold up until Thursday.
CYCLES OVERVIEW: Bottoming/higher into Wednesday/Thursday.
