Soybeans, Corn & Wheat Signaling Multi-Month Declines.
Soybeans, Corn & Wheat Signaling Multi-Month Declines.
05/31/18 INSIIDE Track:
“Soybeans, Corn & Wheat surged through much of the first half of 2018…
As the month of May unfolded, weekly and then daily cycles and price indicators honed that outlook – projecting highs between mid-May & early-June. Soybeans fulfilled their upside potential before the others and then turned their weekly trend down. That projected a 1 – 2 week bounce – into May 29 – June 1 – before a new wave down became more likely. Corn & Wheat aligned closely with that, projecting final rallies into May 29 – June 5 before the expected tops became most likely.
It appears these highs are taking hold and, as discussed in the May 19 Weekly Re-Lay: “That would turn focus to late-July – when Soybeans have a 29-week low-low-low-low Cycle Progression converging with 360-degree cycles.”
Wheat has a related 15-week low-low-low Cycle Progression that also argues for an important low in mid-to-late-July. Soybeans just rebounded to their weekly 21 High MAC – after closing below that channel in early-May – a pattern that reinforces the likelihood for a new leg down. A 6-week and 12-week low-low-(low) Cycle Progression could create an initial low in late-June.”
Grain markets have fulfilled late-2017 analysis for a 4 – 6 month advance to begin 2018 – leading into a multi-quarter peak in the middle half of 2018. Soybeans reversed their weekly trend down in May, projecting a 2 – 3 week bounce followed by a sharper decline into late-July 2018. Corn & Wheat have now corroborated that after spiking to new highs and then reversing lower. This action corroborates the outlook for 2019 – 2020. See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.