Jan Rough Rice made a new #1 top point at 18.210 (the high on October 26). Keep watching for a chart pattern to develop.
Dec Soybean Meal made a #1 top point the high at 376.9 (on September 24). The #2 point is the low at 344.20 (made on Oct. 05). The #3 point is the high at 368.20 (made on Oct. 08). The pattern is in force and has moved nicely lower. We took profits in this market on Oct. 27 and it has since moved lower and is sitting at support of the purple monthly chart horizontal support line. If you're still paper trading this market consider moving your stops down to just above the daily chart 50% level (blue dash-dotted line).
Dec 10-Year T-Note established a #1 bottom point at 103-285 (the October 1 low), followed by a #2 point at 105-290 (the October 15 high) and a #3 point at 105-015 (the October 21 low). The #3 point was confirmed following the huge move higher on October 22. However, price moved so quickly and so far that a reasonable entry wasn't possible by the time the confirmation candle closed. As a result, no trade was taken based on this pattern.
Last week, I wrote, "There's now a new #2 point (the high on October 22). Keep watching for another #3 point to take shape." A new #3 point did develop, but unfortunately, it unfolded much like the previous one, with price moving too far too quickly to allow for a reasonable entry. Therefore, no trade was taken this time either.
With price having already made such a substantial move higher and now trading just below a major weekly chart resistance level, I've decided to stop monitoring this market for the time being. I'll wait for a new setup to develop before considering another potential trading opportunity.
Dec Lean Hogs has developed a new #1 bottom point at 58.200 (the low on Oct. 29). Keep watching for all of the 1-2-3 strategy criteria to be met.
Mar Sugar #11 is on the verge of forming a 1-2-3 top formation. See the lead article above for details.
I'm still watching Perrigo Company (PRGO) to see if it will trigger a possible MET. The gap above (highlighted in blue) looks inviting. So I'll be patient and keep watching.
Fortune Brands Innovations Inc (FBIN) bounced off of the top of the purple monthly chart support zone and has rallied nicely. I'm watching for a possible MET entry to be triggered if price continues to rally.