Motivation - Wednesday, page-58

The first chart is soybeans daily and there are now 4 bullish outside reversals (engulfing candles in the ellipses) from the low which completed a 144 day move down.  The dominant cycle from the low has been very hard to read.  There was a low at 44 days on 6 January (close to 50% of a 90 day move) but other than that I got nothin, although could look a bit harder.  I cannot recall seeing 4 engulfing candles like that on a chart and that suggests to me that 'smart money' is accumulating here (I'm not smart money, btw)..



Now here is a chart of the COT figures and confirming 'smart money' (commercial spec) is accumulating and getting long  while others are going the other way.  Producers have also been getting long while managed money gets short.  One would hope that producers knew more about the future of bean supplies than managed money (funds), right?



Now here are the buys again in the small triangles.  While this keeps looking like its heading up, I'll keep buying more.  The way I see this is that there is a lot of energy being built up below this white line (100 day sma) and that energy should be released if and when the market punches through the line.  That energy should support the market for a few months at least.