March Bear Corn - Update 1

Zoomed in Daily Chart

We had a nice continuation day today. Got a lower high and a lower low. Still plenty of runway on the Stochastics before its oversold. Definitely still Bearish.

For comparison, I added the 2 major previous down legs. See the yellow and green diagonal line segments. See yesterday's wider view to see where these previous moves came from. We already dropped as far as the green line. We did that today. The yellow line takes us down a little further and pretty close to our target. If you think of these moves as the BC leg of an AB/CD pattern, you often will see these can be similar in length for a given trend. You might call it symmetry. You can use symmetry as a rough measure of a similar future move.

Tomorrow is Non-Farm Payroll day in the USA at 8:30am ET. I doubt it'll have much influence on the Corn market, but I haven't done any research to back that up. If it does move, I'm going to do my best to let the Stop handle it. I don't want to get shaken out in the morning and then see a big reversal back down by the end of the day.

It was an easy decision to hold the position at the end of today. Tomorrow will be harder because its a Friday and weekend risk always weighs on me, especially with what's happening with Russia. But I'll leave that for tomorrow. As for today, we're looking good.