Nice day for Corn! We got a beautiful big green candle and it closed near the top. This is very Bullish and shows follow through for the Morning Star pattern we formed yesterday. It looks like we are forming a J-hook pattern which should lead to an AB/CD pattern. The anticipated minimum D point for the AB/CD is at the top of the second thick, yellow, diagonal line, which can be calculated from C(549 3/4) + [B(585) - A(533 3/4)] = 601.
The previous, bigger AB/CD (see the thick, white, diagonal lines) has a D point of 600 3/4, as shown on the chart.
The original target was 619 which is based on the 161.8% Fib Extension, as shown on the chart. This is a reasonable target, especially given how far from overbought the Stochastics are, as shown on the bottom of the chart.
However, the previous D point (600.75) and the new D point (601) coincide, and are just a little higher than the 127.2% Fib Extension, which is 593. This could be resistance, or may even be all we get. Plus tomorrow is a Friday, and we can hit 593 with a smaller candle than today. So, given those facts, at 10:12am ET this morning I included this in a Tweet:
"Split the position into 2 targets. The original 619 and added 593 at the 27.2% Fib Ext. If 593 is hit, moving Stop to breakeven."
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