ADM, Archer Daniels Midland, MON, Monsanto


Another B-wave. Sorry to bother the reader with yet another B-wave, but the sheer numbers are what support the overall bearish outlook and , amazingly, they all more or less peak at around the same time if measured over a month or two.

This one is exceptionally clear as can be seen from the stylized A-B-C in red. Further more it corrected just a little over 62% and found resistance 4 times at the lower trend-line of the past ten years or so. We already have some overlap making if quite unlikely that the pattern will develop in anything more complex.

To stick with the “agricultural complex” another peek at Monsanto supports the bearish outlook. To date this company has not been able to recoup even a minimum of 38% of it’s losses into 2009! Check out  such funds/etf-s as COW or MOO if you own them.

MON july

Short term MON could go a little higher, perhaps to $88 but after that it does not look good, see also a previous blog for a different count.