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TFC Commodity Trading Forum

Re: Drought Got Worse Last Week *PIC*

Nah, I doubt it'll limitup. Having already achieved 3 thrusts/legs up forming a flag pole and having reached a major fib time cycle, I suspect we'll see a pause in the upward momentum for the time being and see a consolidation flag of some sort manifest now, while the market bides it's time and awaits new reports. In the drought of '88 the market made a similar flag/consolidation pattern as the one i've imposed on this chart. Looking back thru history, i've noticed this is an infrequently recurring pattern for corn in a summer weather scare bull market. That's just one possible scenario that i've concocted in my own mind, but what will actually transpire will depend on the crop condition reports. If the reports keep coming in bad and worse, then corn will continue it's journey to the moon without any further ado.