Rbob Overview and Targets

The long term correction that ended at 2.44 had retraced .58 of the impulse wave down.
The structure basically was an abc with the "c" beginning in Sept.09 and achieving .63 of the "a".
click to enlarge
Note the cluster of long term support at the 2.10 area, last weeks lows.
Any guesses about what happens as that support is taken out?
        click to enlarge

The next leg down is likely to be either a 3 or c wave of C, or 1 of C. Taking out an important cluster of support is characteristic of 3's, "the moment of recognition".
So 3 = 1 at 1.867, and  3=1.618 of 1 at  1.65, from the 2.212 high this morning.
Longer term what could be expected of the next larger degree move down , the C from 2.44?
One thing for sure it's not going to equal A in $$ terms.
The initial A wave down from 3.63 was a Fibonacci .78 pullback. The C =A in % terms at .54,
and C=.618 of A at .676.


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