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"You're so CORNY" Manieri bearish on Corn Futures swings
The recent Iowa caucuses brought up the issue of ethanol subsidies and opened up it's viability for discussion. One thing's for sure, Ethanol subsidies are not good for the price of corn and simply lower the supply and increase price. More and more vehicle owners are becoming hip to this biofuel's corrosive nature. For the foreseeable future however, ethanol looks like it's here to stay until someone switches up the beat of the drum.
In the meantime, we can take advantage of a more temporary drive down in price. Price has respected that 384 point and we see a DEEP Gartley pattern starting to form there. The risk/reward on this opportunity is quite favorable. We also see an ABCD pattern starting to form at the same area as well. With the stars aligning, we can only be bearish once price approaches this level.
In the meantime, we can take advantage of a more temporary drive down in price. Price has respected that 384 point and we see a DEEP Gartley pattern starting to form there. The risk/reward on this opportunity is quite favorable. We also see an ABCD pattern starting to form at the same area as well. With the stars aligning, we can only be bearish once price approaches this level.
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