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<x-rich>if I was a fully discretionary trader, I would have expected dec. Corn on my short term target at 236, waiting for the gap to be filled, and THEN I would have been jumped on it (missing the move). Instead, Corn aborted its corrective move "prematurely", and yesterday broke both 3x3 and intermediate term moving average. Now, in my opinion, if a contract, after a substained down move, broke its down channel, make a first up leg, and then correct only aprox. 50% of this first move, against all expectations (do you remember, we talk about it some time ago), it's sign of strength, don't you believe?
Moreover, take a look at the chart: we could argue we are dealing with a (crippled) h&s, with its neckline at 257 (previous top), though the true test is located at 267, where this intermediate term correction could become something more. Failure swing over 258.50
P.S. My mechanical trader soul placed the sell-stop a 232. Long life to him!! <<g></x-rich>
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<x-rich>
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<bold>Gaetano Arnaldo Evangelista</bold> - BARI (Italy)
E-mail: ageitaly@xxxxxx
URL: http://www.geocities.com/wallstreet/8492
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