Bean patterns look complete and they lead the complex and may prevent too much more for wheat and corn. We’re moving stops down and will continue to look to take profits and need to be a buyer next week by early Monday if conditions warrant and set up. Cattle continue to issue technical sell signals. Leave hogs alone.
MARCH CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold March corn shorts from 358.50 with a 351.25 stop. Exit all shorts at 340.50. Buy March corn at 338 and 338.50 with a 329.75 stop.
TODAY’S COMMENTS: (12/5) Three waves down would project 337 on the daily and hourly charts and there is a chance it still could happen on Sunday night or early Monday. We are willing to buy the lower pattern completion if comes in but won’t chase from higher levels. We have profit stops in place and we will hope to exit and reverse. Lower support to 331 seems less likely.
CYCLES OVERVIEW: Bottoming Sunday/Monday; higher into Dec. 9.
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