FOR WEDNESDAY: (10/24) Grains recovering from oversold conditions but still seem in trouble even if we get a bounce on Wednesday. Cattle have at least one more day of bounce in them and hogs are close to getting overbought with a new nigh on Wednesday.
NOV. SOYBEANS
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (10/24) Market couldn’t break 850 and 5-wave down looks in. Should get a 3-wave bounce to 865-66 or 868. If there is another sale thereafter for 841 or 835, it will be from higher levels and probably start on Thursday.
CYCLES OVERVIEW: Bouncing Wednesday; lower Thursday.
