SOYBEANS: [Except for a slight "hike" in the support/resistance numbers for the Jan beans-NO CHANGE] Although we’ll probably have to LOWER our sell-order in the Jan beans, IF last week’s 9.62 low is violated first, I would sure be able to make a whale of a case for a completed, a-b-c rally off the Oct 5 low, IF we could just get a FINAL, wave-c advance...NOW! Note, assuming a [c-wave advance] can make it past the Oct 23 top of 10.29 1/4, then we’ll have a HUGE RESISTANCE CLUSTER just a little bit higher; at about 10.47 ½-to-10.58 ½. This key area incorporates the 30.9%-41.15%-61.8%-retracement combination from the 2008, 2009 and Aug 2009 highs, appreciations of 161.8%, 34.55%, 19.1%and 9.1%-from the 1999/2008/2009/Oct 2009 lows, AND the 61.8%-times wave-a projection. By the way, in the event we do see another good "spike-up" here, traders should note, that prices could also reach the MAXIMUM RESISTANCE AREA (for a wave-(2) correction), or 10.75 ½-10.89. So, the "stop" probably needs to go ABOVE 10.89. Near-term resistance for Jan is at 10.11-10.21, with the support at 9.98, 9.89 ½-9.76, 9.66-9.57, 9.42 ½-9.32 ½ and 8.95 ½-8.84.

CORN: Since the drop from the Oct 23 top in Dec corn (4.13 ½) has now clearly EXCEEDED the greatest duration of ANY other setback in the past 6-weeks or so, we should have confirmed a completed, "leg-up" from the Sept bottom. In which case, since this now also makes it possible to label a completed, Primary wave [b]advance off the Dec 2008 low, I guess hedgers (in particular) probably have to try and SELL the current bounce.Note, because we may have only just finished wave-(1) down here, of a MUCH LARGER, five-wave/[c]-wave drop (which eventually projects to the 2.65-2.60 level), the "downside risk" is pretty BIG. Thus, IF the Dec corn happens to "spike-up" to REALLY GOOD RESISTANCE AT 4.00-4.02, preferably in conjunction with a rally to 10.44 ½-10.55 ½ in Jan beans, then HEDGERS (only) can go short. I DON’T LIKE the Oct 23 high at 4.13 ½, however, as I have ABSOLUTELY NO PROJECTIONS near that area. So, non-hedgers should probably stand-aside? Note, that MY BEST RESISTANCE IS AT 4.18-4.20 and 4.34-4.37. Near-term resistance is at 3.89-3.91 ½, 4.00-4.02 and 4.10, with the support now at 3.84 ½-3.78 ½, 3.66-3.56 ½, 3.45 and 3.39 ½-3.34.

WHEAT: Although it’s possible that the Oct 23 high in Dec wheat (5.74 3/4)-could have marked the end of just an INITIAL, (a)-wave section up, OR a FAR MORE SIGNIFICANT, Primary wave-[b], BOTH COUNTS strongly indicate that the current bounce is only a "corrective-wave". Thus, IF we can pick the right sell-zone here, we should have a HIGH PROBABILITY TRADE. AND, if the latter count is correct, it could also be HIGH POTENTIAL. Note, whether is happens now, OR AFTER an eventual, (c)-wave/spike-up,the Primary wave-[c]section down projects to AT LEAST 4.18 ½-4.07. Anyhow, while our FIRST, REALLY GOOD RESISTANCE AREA here is at 5.25 ½-5.32 ½, there’s AT LEAST A 50%-CHANCE that prices will try for a "re-test" of the FAR MORE SIGNIFICANT RESISTANCE CLUSTER AT 5.51-5.59. Thus, at least for now, will take a crack at selling near the higher level. Support is now at 5.09-5.02, 4.92-4.81 3/4, 4.67 3/4-4.56 3/4 and 4.43-4.32.

COTTON: As long as the Dec cotton does NOT DROP BELOW the Oct 27 bottom at 66.10 first, our Preferred Count will continue to strongly indicate that we are now in a FINAL, "fifth-wave advance"....from the same low. In which case, once a lesser, "five-wave rally" can be labeled-off the Oct 27 bottom, we should have an INCREDIBLE SELLING OPPORTUNITY. At that time, the pattern will call for a CYCLE-WAVE-THREE decline of the same-degree as the 2008 drop, with a MINIMUM, DOWNSIDE TARGET AT JUST UNDER 36.70. Based on the intra-day pattern however, it does look like it will probably take at least a couple more days, BEFORE we’ll be able to make a case for a "final top". Anyhow, while our MINIMUM, UPSIDE TARGET here is at 70.06-70.50, the MOST LIKELY AREA is at 72.15-72.70. By the way, there’s even a SLIGHT CHANCE that prices will "blow-off" to our MAX LEVEL AT 74.78-75.75? Near-term resistance is at 68.04, with the support at 67.37-67.10, 66.50, 65.66-64.81 and 63.52-63.14.

HOGS:[See NEW TRADES]Although I have n.t. resist. for Dec hogs at 59.27-59.50 our TARGET is at 60.77-61.12.Support’s at 57.40- 57.15/55.62-55.25(BEST)/54.20

ELLIOTT WAVE FUTURES MONITOR

SILVER: Although it still appears highly UNLIKELY that the decline from the Oct 14 high in Dec silver (18.175) has finished, the "magnitude" of the current bounce has probably confirmed our LEAST BEARISH interpretation. Under this count, which indicates that we are either in a wave-(4), or wave-[b]correction, we should still see a pretty "sharp", c-wave decline emerge within the next couple of days. The downside objective(s) for which, could be as high as 16.37-16.19 (given a wave-(4)), or as low as 14.70-14.43/13.91-13.72 (IF we’re in a larger, wave-[b]). Anyhow, either way, IF I’m right, the current advance SHOULD NOT EXCEED OUR POWERFUL RESISTANCE CLUSTER AT 17.94-18.17 on a closing basis, OR 18.40-18.47 intra-day. IF this area is violated, however, then we’ll have no choice but to conclude that prices are headed for the NEXT MAJOR RESISTANCE AREA; at 19.69-19.70. Near-term resist. is at 17.54-17.70, with the support at 17.395/17.165-17.01/16.75-16.665/16.37-16.19/15.72-15.41.

STOCKS: [See NEW TRADES] Although the longer-term pattern in the S&P still indicates that we should see an advance to AT LEAST 1125.75-1132.50, BEFORE the risk of a BIG, CYCLE-WAVE-TWO DECLINE WILL INCREASE SIGNIFICANTLY, the recent "penetration" of key support at 1038.50-1035.25 does look near-term BEARISH. Note, because we’ve probably confirmed that the drop from the Oct 20 top is a Primary wave-[4], of the same-degree as the June-July/Primary wave-[2] decline, prices will likely remain in a SIDEWAYS-TO-LOWER TREND for a similar duration, or about 20-trading days ,i.e.,until about Nov 16. Thus, IF we do get a multi-day/wave-(b) rally BEFORE our OPTIMUM, DOWNSIDE TARGET AT ABOUT 1000.00-995.00 IS HIT, we’ll look to go short. ALL of the support numbers are now at 1046.00, 1038.50-1035.25, 1026.25, 1019.00-1009.50 and 1000.00-995.00, with the resistance at 1058.00/1067.00-1077.25(good!)/1085.50/1099.00-1103.25.

OJ: Although it still looks like a MAJOR, "timing sell-signal" may have already been triggered in the Jan OJ, the drop from the Oct top has ONLY traced-out a "three-wave pattern"...so far. Thus, since prices have also(so far?)bottomed right at the SUPER CRITICAL SUPPORT outlined in the Oct Quarterly Report or 107.85-105.00 in the nearby contract, AND 111.85-109.00 basis Jan, it looks like a VERY PIVOTAL JUNCTURE is at hand. IF the Jan OJ can now drop BELOW this week’s 109.35 low, then we’ll want to ADD to shorts, as this development will likely confirm a decline to AT LEAST THE 93.70-90.85 LEVEL. However, IF prices first EXCEED the Oct highs at 118.20 Nov, AND 121.60 Jan, then we’ll have to figure that the larger movement from the Feb bottom is actually unfolding into CYCLE-WAVE-C. In this event, a very different picture may emerge, as a move all the way back-up to the 2007 top could be indicated (209.50). KEY RESISTANCE for Jan is now at 114.90-115.80, 117.95-119.00 and 121.55-123.95.

COFFEE: While the EXTREME VOLATILITY in coffee has made it pretty difficult to predict the short-term swings, our BEST COUNT continues to indicate that a LARGER, CYCLE-WAVE-C ADVANCE is still in progress from the Sept 29 low. In which case, since it also looks like we are just now entering the wave-[3]-of-C section up, AND ALL of our projections yield a MINIMUM TARGET AT 154.10-156.85, the implication here is that we ought to see an "acceleration"....NOW! In fact, since we still need to finish [3]-up, stage a "moderate",wave-[4]pullback (at some point?), and then trace-out a FINAL, [5]th-wave section up, it’s quite possible that the FINAL TOP could be at our MAX RESISTANCE AREA; or 163.20-164.40. Anyhow, I have no idea where to run a "stop" on longs here. But, I do show GOOD SUPPORT at 140.65-140.25, 139.35-138.95, 137.70-137.05 AND 135.35-134.70 MAX?, w/near-term resistance at 143.00-143.75 and 146.10-147.10.

NEW TRADES AND OPEN POSITIONS 11/05/09

SOYBEANS: Traders/hedgers (25%) can sell 2-Jan mini beans at 10.44, using a stop at 10.91 1/4.

CORN: Hedgers only (25%) can sell Dec corn at 3.99, using a stop at 4.13 3/4.

WHEAT: HRT/hedgers(25%)can sell Dec wheat at 5.49 3/4,with a stop at 5.74 1/4

HOGS: Traders can ADJUST the buy in Dec hogs to 55.65, using a stop at 53.87.

SILVER: Traders were stopped-out of a short Dec mini silver at 17.38 for a profit of $545. Lets re-enter a short Dec mini at 17.93, with a stop at 18.54.

STOCKS: HRT can sell the Dec mini S&P at 1066.75, with at stop at 1086.75.

OJ: HRT are short Jan OJ from 117.75 (+$427). Keep the stop at 117.15.