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Rick,
Sep. Oat is sure like a perfect set-up for shorting opportunity. The
latest Inverted V. formation on the chart seems to be on
[5/27-6/10-7/1]. I ran it through the TTC calc., and the next resistance
level(L4) was at 160.90. Very close to your 158.99 level.
Trend is down, price and time are converging near the resistance level.
Can't ask for anything better. Let the force be with you!
Frank
RJ Ratchford wrote:
> Greetings Traders.
>
> Attached below please note the quick analysis of Sept Oats. It is by
> far
> not extensive, yet I believe it tells a story.
>
> Please note the high today was 158 1/2. L4 shows us a 158.99 for 7/16.
>
> Since this is real close, less than 1/2, I'd venture to say that we
> may
> have made our short term top. If shorting this market, and that would
> be
> fine considering it is a bonifide down trend, I'd still be on the safe
>
> side and place the stop above that L4 level.
>
> Also notice the range value of 157 on the bottom there. Another
> convergence I'd say. This is from the previous downward range of 5/9
> down to 5/27. The Range calc shown below was taken from the the most
> recent downward range. This as well provides us with pressure in this
> 157, 158 1/4 area.
>
> So, here may be an opportunity for ya all. What do you think?
>
> cheers!
> :)
> rick
>
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