I for one will be glad to see this month end. Today’s large move down in CORN seemed to put a punctuation mark on my performance this month.
However I think today’s move was the flush out need for this to have an upward move over the next couple of weeks. It’s possible that it’s forming a head/shoulder top and we’re going to build the right shoulder but that is only one possibility and it’s not written in stone. We could just as easily power upwards to new highs but I’ll be taking some of my position off the table near $46 and letting the rest ride. If we go back to $50 I’ll probably exit the whole trade.
Judging by the BB Width we’re at extremes and we’re over 20% off the highs. A corrective move is likely. The BB Width is a relative tool that tells us where we are in relation to the bollinger bands and we’re clearly at extremes.
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