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Tuesday, May 21, 2013

Soy Beans?

PeterLBrandt, May 20th, 2013. Smells like SM to me.

But it is up to you to figure out what the market is.

Once every few years a market sets up whereby the fundamentals harmonize with the longest-term chart, which harmonizes with the weekly chart, which harmonizes with the daily chart.

The quarterly chart shows that this market completed a 34-year base in 2008.
The weekly chart shows that the market formed a 42-month triangle that retested the massive 34-year base. This triangle was completed in 2012.
The decline since September 2012 has served as a retest of the completed triangle. The daily chart displays a possible 8-month continuation rounding bottom pattern. A decisive close above noted upper boundary of this pattern would set the stage for a magnificent bull trend. The target of this market set up would be a move equal to $17,000 per futures contract.

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