Gann Global Financial

Now in the soybeans, this is interesting. I’m going to follow up a little bit because as you know, we were looking to enter short positions for subscribers. We had hit our target price zone in this area (the red line below 1060¼), and we had ideally wanted to see the market push one more time above the 1060½, but the target time zones were at the bullet points at 1948, 1975, 1977 and 2004.

We pushed into a high here as of yesterday, Monday, a reversal with a dramatic sell-off as of today down to 976. We expect to see a leg down into the blue target zone, and then a leg to the upside. So I believe that we do have an intermediate top in place on the soybeans, and dropping down to the March soybeans, this is the pit session chart, not the electronic session.

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You can see that our high that we established yesterday, Monday, actually clipped the high for the move and immediately reversed to the downside. I believe that they ran a significant number of buy stops above the market without follow-through to the upside. The reversal is bearish, so we are in the timeframe before the start of this decline to the downside.

If we can hit into the blue target zone on Figure 1, which would occur no sooner than the middle of March, we would then be looking at a potential significant leg to the upside from there. That is definitely something that we’re looking at.