The chart has seen a decent relief rally over the last week.
This correction remains far from over and could take a good few weeks, if not months, to complete.
Use all the rallies to take profit but keep a core long as the major trend/cycle is up.
Let the market come to you, and don’t chase it, as dogs that chase cars end up being run over.
If you are lucky enough to see a move sub $12.40 (November 21), own it for the LT.
The good news is that the gap is closed.
The bad news is that the chart now has double tops.
The best news is that this is a fantastic selling opportunity with a stop loss over $14.25 and targets at $12.61.
This trade gives you a RR of 5 /1 and in anyone’s book, a bet worth taking!
In the big picture, I want to own this chart for the LT from $12.40 -$11.60!
There is very little to do here as this chart remains super ugly, and we will be staying well away for a few weeks.
This chart still has upside but is approaching overbought levels.
If I am right, I feel there will be a 2nd chance at the “buy & retire” level, and this should take a few weeks to play out.
The road map is still intact, and I am waiting for a weekly close to prove it wrong.
I expect a decent pullback in the coming weeks, which seems to match my US bean view.
Lets see just how this plays out, but I would most certainly buy a deep dip!
The road map is still intact, and I have to stand by the RM until proven wrong on the weekly close.
I would not get sucked into buying bullish momentum, and patience is the key here when needing to buy!
I don’t like this chart overall!
The correction seems to be playing out as per the road map, and I would profit from the rallies until further notice!
I feel that this correction will play out over many weeks, if not months and that waiting for the market to come to you is the key to putting together a decent long position at the proper levels.
Sub $0.50 is still on the cards.
#No Change in Commentary
I feel the correction is over and that all dips are buying opportunities.
I still love this chart and believe being long will be the best ST win!