Oats Bullish ButterflyMarch Oats continues to sink. All harmonics points to a Bullish Butterfly. End point would put us back a few months to a low of 200. Uptrend has been broken. Next downside target for bears is S3 at 238. Suspect pull back around that area before continued downward momentum, if that happens at all. RSI would be oversold by S3. There was significant selling at 268 and 269 so any pull back would have a lot of headway at those numbers.
ZO1! trade ideas
Could move well above 270Long term resistance in that area BUT was weakened with the break above earlier in the yr. the fibs of the entire low to high move coupled with most recent retrace o me suggest we could see the 1.272%-1.618% extension areas (349-400) IF we see a further break above that critical 270 area.
Oats GartelySeptember Oats is building out a bullish Gartley pattern. A tombstone appeared today and a previous sell off suggesting a downward plunge. Next downside target is through R1 and towards pivot at 268. Open interest is rolling downwards. Oats needs to break R1 resistance and stay under to be favourable. Breaking and staying under the 20 day moving average would make this even better, but right now this has been a good support line as well. Oats has been using this line since May 19.
Oats slippingJuly Oats slid today and could be building out a bearish bat. Next downside target 234 then potentially 230'2 possibly meeting up with the 20 day moving average. Two trendlines are converging keeping this up and down situation probably for the next month. Oats ended the day below 240'6 previous support tracing back to 2016-12-14.
Oats Gartley patternMay Oats is building a bullish Gartley pattern. On Friday it rose out of a wedge pattern and stayed up. Next upside for the bulls is at 254'2 which is major resistance. This would also be fulfilling a H&S that is still intact. But H&S only show results 30% of the time in my experience, so a double top isn't out of the question.
Open Interest Rule 6—If prices are in a congestion range (tick) and open interest is falling (tick), this is a bullish sign.
The reason: professionals who are more likely to be short, are covering. The weak hands are throwing in the towel.
I am neutral as we still may see some up and down, uptrend was broken, H&S still intact and 20 day moving average is turning bearish.
OatsBoth March and May Oats are creating a bullish flag off of continued rise. May produced a hammer rejecting lower lows. Continued uptrend should follow to complete the elliot wave and move into the butterfly extension. We also see a double top here, so caution should be adhered. More proof needed to confirm upward movement
OatsMarch and May Oats held their ground. March made a neutral doji and May was up. Elliot wave held as well and could mean an uptrend tonight and into tomorrow so we can finish off the gap and elliot wave. Would like to have seen a bull doji but for now a rising momentum and a buying day will have to do.
OatsMarch Oats met the Elliot Wave requirement for position 4. Looking for an upsurge in the next couple of days and progression to fill the gap, complete the Elliot Wave and Butterfly off the extension. Cautious of Oats making one or two more lower days off of the bearish flag.
May Oats hasn't yet completely made the Elliot Wave, but it may not.