Another beautiful day in the long corn trade. We closed even further above the channel Trend Line, making a higher high and a higher low. Volume is only slightly less, but not a concern a couple days before Christmas. We're still looking bullish.
I added thick white angled lines to measure the different price cycles. They are shrinking like they usually do. The 2 longest reach our 27.2% Fib extension target. That's somewhat reassuring but we could definitely peak early and not reach our target.
Stochastics are now pegged at about 97 out of a maximum possible of 100. This always looks concerning to me, but you can see how corn has previously pegged Stochastics at the top for many days in the past. Look at this past October for example. So, we shouldn't let this lead us to getting out early.
I thought about adding to the position here, but it seems likely we'll get a pull back before hitting our target. I'll wait for the recovery after the pull back to add to our position.
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