The daily chart at the end of the grains market day (9:30am - 2:20pm ET) looks almost exactly like the morning chart I posted in the previous post. The chart above is a zoomed in 10 minute chart. It shows an upward channel was formed. It looks like a Bearish Flag to me.
The last 10 minute candle closed in the middle of the channel and stochastics closed in the middle of its range. Really its not much of anything, other than showing some respect for the 27.2% Fib, which it hugged and traded around during the regular session today.
Also, the thin white horizontal line at 854.011 is a support line from back on 5/13/19. Price action respected that support level as well. Hopefully, not too much respect or we could have a problem with a short position and a large Stop Loss.
The expectation is to drop out of this channel during the evening session. But before that, we could go up and test the 200 sma and/or the yellow neckline.
The decision was to hold the position overnight. A bigger decision will be Friday afternoon when we decide whether to hold it over the weekend.
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