In Mar Rough Rice, the #1 bottom was set at 9.560 on December 18. The #2 point formed at 10.320 on December 26, and the #3 point came in at 9.635 on January 2. Price moved higher on the confirmation candle on January 5, so there was no early entry.
The break above the January 06 high triggered an MET long entry on January 13. The stop can now be moved to just below the January 20 low. The first upside target is the blue resistance line at 11.000.
Mar Soybean Oil triggered an MET entry today when it broke above the Sept. 16 high of 54.40. The initial stop loss can be place just below the Jan. 22 low of 53.55. The initial target is the monthly chart 50% level at 56.56.
Mar Wheat has established a #1 bottom at 501-4, set on January 2. The #2 point stands at 528-0, marked by the January 12 high. The #3 point is 507-0 (the low on January 21). Price has moved higher since confirming the #3 point, however, a retrace to support of the blue horizontal support level at 518-2 would trigger an entry to the upside. If filled, the initial stop loss can be placed just below the #3 point. The initial target is the top of the monthly chart support zone (purple rectangle) at 531-6.
The new possible #1 bottom point for Mar Cocoa is today's low at 4054 (made inside a monthly chart support zone). Keep watching for all of the 1-2-3 strategy criteria to be met.
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