This correction will either drag on for weeks, if not months, or rally hard from here.
The correction will only break with a weekly close of over $6.42.
I would only consider the Bull story to be over should we have a Weekly close under $4.56.
Until then, all the deep dips REMAIN buying opportunities.
The rallies remain selling opportunities (profit taking only) and the dips remain buying opportunities (getting long)!
Rhythm in these volatile markets combined with position sizing is everything!
After a far more quiet week, nothing much has changed, and the gap at $5.73 has not been closed.
I am baffled in the short term and still feel that the $6.00 level will be sold by farmers and that the sub $5.30 “should” be bought by specs.
All I can say is that the market feels very tired at this point.
In my experience, this typically occurs before a good move, as most have cut their positions.
I remain a proponent of BTD’s and take cash on the rallies!.
The low IMO is in after making a perfect 38.20% correction.
This chart is now looking to take its high, and based on my Dollar / Rand view combined with my longer-term Corn view makes perfect sense.
Continue to use the weakness to price, or you might be sorry you didn’t!
I REMAIN keen to buy all the dips after the chart held significant support at the 38.20% retracement.
The chart is in a corrective phase and looking to break out to the upside.
“Note I am not sure which expiry, but these charts lead me to believe that WM will rise like a Phoenix from the ashes to meet YM!” – I should quit while I am square on this view.
I love this chart, and we have to get long now, hold and then decide where we will BTD!
And for all the Corn bulls out there, remember you cant have a PROPER Corn rally without a great wheat rally!
For those that bought down to $6.14, well done as you are in for the ride of 2021 (as far as wheat is concerned)!
We are now waiting to add, so I will ring the bell if we feel it’s time to BTD!
Wheat is set to rally in the coming months, and opportunity beckons! – “This view is aging better than a Chateau du Pape 1985.”
I am loving this triangle formation and waiting patiently to buy at -$0.53.
If you miss a downside buying opportunity, you can only get long on daily close over -$0.19.
I would get long and stay long as this chart looks excellent!!!
A daily close over R5365 will confirm the breakout!
How fine the margins are, we were stopped out of our long before the chart rallied.
Alas, we shall take it on the chin and any other body part that hurts significantly.
I am now very keen to buy this chart but will monitor it for another week before jumping in basketballs and all.
The pain of being marginally wrong vs. completely wrong is massive.