Having recently caught the low of a very tradable, 35-cent bounce within a penny, we have little to fear if Corn continues to do its nasty worst. I still like the bullish story concerning an imminent surge in demand from China, notwithstanding Friday’s news that stockpiles were nearly a quarter higher than had been estimated just three weeks ago. Does anyone smell a USDA rat? Anyway, since we can get long at will anywhere we please, and do so using Hidden Pivots that will help reduce our risk or even allow a profit if we’re wrong, I’ll continue to call the turns at each promising opportunity. For now, I’ll suggest that less experienced traders simply back away, since the futures, having exceeded a clear Hidden Pivot support at 606.00 that comes from the intraday charts, appear bound for a test of early July’s 589.25 low. If you are confident of your camouflage skills, however, try getting long by buy-stopping the first point X entry that occurs on the 5-minute chart after 589.25 has been exceeded to the downside. ______ UPDATE (1:03 p.m. EDT): Following an overnight low at 586.00, entry as suggested above would have come at 601.75, triggered at 11:05 a.m. The pattern that provided the entry signal is razor-sharp on the five-minute chart, with single-bar ABC coordinates at, respectively, 590.75, 606.50 and 597.75. For your further guidance, I am establishing a tracking position as follows: long one contract with a cost basis of 587.00. This implies that four contracts were bought initially, with half of them exited profitably at the 605.75 ‘p’ midpoint of the camouflage pattern, and two more at 613.50, the ‘D’ target. For now, stop yourself out if a bearish impulse leg is created on the 10-minute chart. That implies a print down at 590.50, but the number will change if the futures impulse bullishly in the hours and days ahead. If the rally hits 663.50, loosen your stop-loss so that exit would come with the creation of a bearish impulse leg of hourly-chart degree.
