In EWI's Monday (July 25) Daily Futures Junctures, long-time editor Jeffrey Kennedy serves up 3 new commodity market opportunities that have caught his attention.
Soybeans have been working a triangle wave pattern since February, and Jeffrey has been preparing subscribers for the move in wave D (of ABCDE). Now that this wave is close to being completed, Jeffrey is preparing subscribers for an opportunity in soybeans as it's nearing a critical juncture.
What’s a triangle? Here’s how Frost and Prechter described them in their classic Wall Street bestseller, Elliott Wave Principle – Key to Market Behavior:
"Triangles contain five overlapping waves that subdivide 3-3-3-3-3 and are labeled a-b-c-d-e. When a triangle occurs in the fourth wave position, wave five is sometimes swift and sometimes travels approximately the distance of the widest part of the triangle."
While Jeffrey has deemed this opportunity worthy of his Daily Futures Junctures subscribers’ attention, he openly admits his "love-hate" relationship with triangles.
"I often hate triangles because of the ambiguous set up they can present," Jeffrey says. "Sometimes wave D and E can be very short in duration, while other times they can be very time consuming."
So, where's the "love" part?
"A triangle is formed by a balance of forces. Once one side gives, price action is often explosive." says Kennedy.
Along with the exciting action unfolding in the soybean market, Jeffrey has also spotted and featured 2 more current opportunities -- in cocoa and wheat.
Get instant access to Jeffrey's in-depth, video analysis of the best near-term commodity opportunities with your risk-free subscription to Futures Junctures Service now.