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Sean O'Toole wrote:
> Could soybeans finally be readying themselves for a wave four correction of
> this downward move? Beans were a brief topic on this list last week as
> Norman noted that his astrological analysis was pointing toward a turn in
> the near future. The two MOBs on the attached chart come from substantial
> lows and a bounce off either of them could signal a substantial rally. If
> we break out of the regression channel, I'll look to buy the November beans
> on the first close outside the channel.
Sean,
I am inclinded to agree with your Wave IV rally scenario for Soybeans, i.e. one
more rally, one more decline to a final low. On the current decline, in the past
few weeks, Beans were only able to temporarily bounce off some very powerful Astro
points. These are points that have a good track record of turning the market. Then,
Monday, July 17, Beans didn't bottom until mid day, despite the fact that Mercury
had turned Direct at 9:15 AM EDT. The way a markets reacts to the key Astro points
tells me alot about the health and condition of the market. The fact that Beans are
now only reluctantly paying respect to the Astro points tells me that Beans have
some strong underlying weakness. This does not preclude the probablity for a rally
into mid to late August, which I is what I expect. Howver, I would then expect a
retest of the current lows and perhaps of last year's 407 low during the N.
Hemphispere winter months.
A possible model for the big picture here is Sugar which took almost two years
of
basing before recently getting its act together for a spectacular rally. Last
years's Soybean low is barely one year old If it follows the Sugar model, there
are many more months and many more gyrations before the Soybean big rally which is
most likely next year. The good news is that there is probably not a lot of downside
left on Soybeans. We can have alot of fun and make a lot of money using the short
term Astro cycles to profit from the swings during this basing period.
Legumely,
Norman
>
> ________________________
> Sean T. O'Toole
> Kingfield Capital Management, L.L.C.
> 612.371.4996
> otooleco@xxxxxxxxx
>
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