Orange Juice had broken the neckline of a significant head and shoulders formation as noted (H for head and S for shoulders). Prices are in a steep drop along the 9-21 ML 10-30/11-26. The H&S projects to 144. If we use the 7-12 2P 10-30 as a CL to measure A & R we note the A line drawn H to CL at 9‑21 high to give us our R objective at 146. It may be hard to believe that O J, going into the potential freeze season, projects to this low area, but that is the current probability.
Remember the course axiom the steeper the ML the faster the price action.
(R line not shown as off the chart)
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