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Northwest Iowa | Tongue in cheek , FE, I know but one of my pet peeves is the often labeled "Key Reversal" . I like your example better than a lot of them I've seen discussed. A true KR is pretty rare. I know many of you don't know, believe or care, but a key reversal should be a new high or low depending if it is topping or bottoming action for at least the previous 6-8 weeks. Preferably longer. Must be done on heavy volume. It should confirm by continuing the new trend.
Bean action today was excellent. A fair Japanese candletsick doji formed today. Possible trend change warning along with areas that I had been looking for to post a low(hit it with a hand grenade-close) I'd love to see a reversal for the week. Corn did a 50% retracement which is fine as well. These are old crop, July contracts. Dec corn has a small degree Elliot Wave formation to the upside so that tells us the main trend should be higher. Old crop should lead-bull markets are led by the front. | |
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