FOR MONDAY: (7/30) Our original work suggested a recovery on Sunday but if it happens, it would be a chance to sell, as cycles for most of next week seem lower and we’re probably at a point where selling pressure will increase unless there’s some wildly good news. Use any strength to take more protection. Wheat had issued a sell signal on Friday by printing 528 so it’s in trouble, and only corn is holding up decently.
SEPT. CHICAGO WHEAT
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/30) Wheat can be erratic. Market did issue a sell signal on the point-and-figure chart and if there is a weak bounce on Sunday and no weird weather, we probably will consider shorts on Monday morning. More ideal pattern completion would be at 558 but seems unlikely, and if it happens, you have to hedge it.
CYCLES OVERVIEW: Recovering Sunday; lower into Monday/Tuesday; lower Wednesday; lower into Thursday; lower Friday; higher into August 5-6; lower into August 7; higher into August 9-10.
