If you have watched a few episodes of the hit TV series House, you know there is a specific formula for each episode. The gifted but fiercely independent doctor must find the answer to a medical mystery before the show's end — a total of 43 minutes. However, until that time, Dr. House and his team make any number of right and wrong moves, yet each one serves to reach the final, correct diagnosis.
An Elliott Wave technician's job works much the same way: not every Wave Count unfolds as expected. Yet even if you get off track, a mistaken forecast can still reveal the bigger story, as new facts flow in from the market.
Senior Commodities Analyst Jeffrey Kennedy could easily be mistaken for Dr. House here at Elliott Wave International. Jeffrey is likewise brilliant at what he does but never lets that confidence get in the way of his sometimes needing to correct a previous forecast. When the markets go against Jeffrey's forecast — like Dr. House with a mistaken diagnosis — he asks, "What does this new development tell us?"
Yesterday in Soybeans is a case in point. When prices violated two key parameters and triggered the 'key reversal' indicator, Jeffrey immediately reassessed the situation. Using his old wave count as a control, he constructed a new short-term outlook. If proven correct, this revised analysis will change the long-term forecast for Soybeans as well.
Like any good doctor with a fresh diagnosis and treatment, Jeffrey will closely monitor the Soybean market to confirm his new outlook over the next few days. And like Dr. House, if a new symptom of troublesome wave counts develops he will be the first to ask, "What does it tell us?" while everyone else asks "What's happening?!"
Surprises like these
do happen, and the old axiom "prepare for the worst, hope the best" applies to your wedding day, final exams, camping trips, new recipe preparation, and the markets. Jeffrey's publications are found in his
Futures Junctures Service, and its the best short- and long-term preparation for the commodities markets available today.