Beans

The bean market continued with its wave (2) retracement this past week.
Interpretation remains intermediate wave (2) of primary [C] of a double zigzag cycle b wave. The primary [B] wave triangle is still my alternate view.
Drilling down intraday shows a very nice ABC corrective so far for wave (2). Price had a nice deep 88.6% retrace.
Perhaps it will want the reciprocal, 112.8% of A, for this C leg. This comes in at 944.
Other targets are where C = A at 953.75, and the 161.8% projection of A at 911.25.
The retracement levels of (1) are on the chart.
As stated last week, I am still hopeful that the channel can maintain its integrity during this retracement process. It has supported twice thus far, making it vulnerable for a break, should price reach it.
The key levels for this upcoming week include the 880.25 L, as well as the 1029.50 H. Any trade through that high will likely signal that wave (3) has begun, assuming our assessment is correct.
I maintain a keen watch of the continued RSI divergence.
Bottom line - I expect wave (2) to come to a close shortly. We should witness nice upside price action with the onset of (3).

Corn

The corn market continued retracing its leg off the 302 L this past week.
Interpretation remains that this market is tracing an intermediate degree (4) wave of primary [A].
I still have concerns about this (4) wave. As discussed last week, it appears to be tracing a zigzag. After such a deep A leg, we are left with little room for C. We did have a nice B leg up that helps.
The price extreme of (1) is 347.60. Should price trade through that level, I would have to re-think my assessment of the structure.
The 50 sma has turned up, and is now above the 347.60 level. This may possibly help support price when they meet.
Notice that RSI has reached the upward sloping trend line, which dates back to early June. This may provide support as well.
Don't forget about the "point of recognition" at the 353 level, an additional possible level of support.
C = 61.8% of A at 365.25. The 78.6% projection of A sits at 356. The 61.8% retracement of (3) comes in at 349.50.

Bottom line - Until 347.60 is traded through, I maintain my bullish stance.

Prechter

I am the biggest FAN of this guy! maybe because I am also a technical analsyst but hear what he has to say

Gold and Market

Well according to my work sometime next week should be a high. It has been very difficult the last two weeks in the market to pinpoint the cycles as we have had earnings and the FED meeting which has distorted the analysis but it should still be in the trend never the less.
Gold just running on nitro here and been talking about gold along time and it should have made it new adjusted high. This weekend I will try to see where the think will pause but we have to get cautious on Gold when the dollar start to make a rebound on it oversold stand. Also after this earnings season I will be doing my regular longer term analysis of where I see stuff in the next 3-6 months if I can.


Have a great weekend-

Unemployment rate

Unemployment rate is now over 10% again I thought the recession is over!! No folks that 10% I am telling you is so underestimated that I think that figure is more like 20%, Yes 20%. I said it many times U.S. unemployment will mirror those of the Europeans and there is nothing that can be done.
We will be looking at double digit unemployment for a long time and the government will have no choice but to implement just like the Europeans lengthy unemployment benefits. Why do you think the FED said they wont raise rates for now, they see the problems but the biggest problems is that the wheel of the economy is the banks and they are hoarding funds instead of leading it.
The FED should start it own consumer division and lend to small companies and individuals because the banks are hellbound on sending this economy in a deep end in the name of capitalism. Call it what you will but I want more over sight because it is the detriment of the economy if we don't.
Think about it one second we the consumer are paying up to 30% interest rates that the banks got at zero%, is that fair. We should stop the madness of these banks NOW !!!!!!!!

P.S. I can't believe banks were getting H1N1 vaccines when we have suffering people waiting in lines for shot, what the hell is happening to our humanity

Boring

I guess I had a heartache for a reason, kept me away from this boring market action. Gap and go off the numbers this morning but that's it, nothing exciting, very difficult to trade a day like this.

Oh well it all can't be exciting everyday as you know.

Thursday

Waiting on the unemployment numbers but I doubt I will be doing much market stuff today as I work up with a terrible headache.