- Here's a market for a chartist to really salivate over.
- Monthly : Topped out via a long consolidation rectangle. Bottom has now fallen out. Downtrend just started.
- Weekly : Reverse periscope being made now. Downside objective at 1105, about 12% lower.
- This is certainly helped by the strong USD move. Unfortunately I know nothing about the fundamentals of the soybean market. Even worse now that my occasional supply of the Gartman Letter has completely dried up. Still, I have complete faith in the chart so its not necessarily a handicap to not understand the fundamental drivers.
- Trade : Short at 1274.50 average. Stop loss close above 1292.
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