Factor Status Report, February 28, 2011
Major Completed Patterns with Ongoing Trends
Trends based on the completion of major chart patterns are ongoing in USD/CHF, Corn, and COW (ETF).A major pattern was negated in Sugar. A major pattern was completed and negated in Soybeans. A major pattern was completed and the target was quickly met in Crude Oil. I will comment on the Crude Oil chartbecause an opportunity exists to repurchase to reenter the market. Market Pattern(s) Date completed Target(s)
Corn 14-week continuation invertedH&S1/13 at 6.45 7.48CommentaryI was prematurely stopped out of Corn during the huge break on Wednesday, but at the risk of beingwhipsawed I reclaimed my long position on the close realizing the break was only a retest of the necklineof the underlying H&S bottom. The target of 7.48 should be met within the next week or two.The Factor is long.