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11 Commodities AND 22 Charts: How 'Bout Them Apples?
October is National Apple month in the United States. And in its honor, Elliott Wave International's chief commodity analyst, Jeffrey Kennedy, picks the most "golden delicious" opportunities off the tree of technical analysis.
In fact, the September 30 Daily Futures Junctures Wrap-up (online now) begs the question -- How 'bout these apples?
Coffee Cools Down: As coffee prices stood at a one-month high, the September 17 Daily Futures Junctures (DFJ) foresaw java losing its jolt: "The bearish wave count is operational. The three-wave advance will ideally end Friday or Monday at or near the 136.75 level." And, that's exactly when and where the decline began.
Wake up and smell the newest wave count.
Cotton Wilts: The September 17 DFJ also waved the red reversal flag in cotton: "Similar to coffee, the bearish wave count, although under pressure, is still viable." Find out whether the recent slide to a two-week low will continue.
O.J.'s Near-term Way: The June Monthly Futures Junctures (MFJ) Wave Watch saw OJ's losing streak set to end and drew a bold UP arrow toward the 100 level. Then the July MFJ foresaw the rally continuing even higher to above 110 before turning down. And -- that's exactly what happened. Now, DFJ sets the stage for a dramatic move.
Pains in Grains: In the June MFJ's special, expanded Featured Market segment, Jeffrey warned that the "Party is Over." There, he presented these finer details:
- Corn: "The current advance that began in December 2008 is complete. This means that the stage is set for renewed selling that should push prices to below the 2008 low."
- Wheat: "... has also finished a corrective advance. We can look for wheat to more than fully retrace the 2008 advance that began at 497."
Both scenarios came to pass with amazing precision. What comes next might surprise you.
Taking Livestock: The September 16 DFJ was all about seeing the heat come out of two major meat markets:
- Lean Hogs: "Without a clear five-wave advance present, I am still inclined to view the recent run up as a countertrend move ... suggesting the larger trend is again under way" to below the 50.00 level.
- Feeder Cattle: "The July selloff has more to go. The move up appears to have rejected trendline resistance, which keeps the short-term bearish wave patterns intact." Flash ahead: hogs and feeder have fallen hard, and fast.