SOYBEANS: Considering that the last "shot-up" in the beans not only MISSED our OPTIMUM SELL-ZONE AT 10.44 ½-10.55 in the nearby contract, or about 10.48 ½-10.59 ½ basis Jan, but we didn’t even get over the Oct 23 high(s), it looks like the action over the next day or two will be "critical".IF the next bounce can produce a "five-up" on the intra-day charts, then I think we still have a decent chance of seeing a FINAL, c-wave rally to the aforementioned target(s). However, IF the next "bounce" EITHER produces a "bearish-three", OR another drop to new sell-off lows follows, then we’ll have to jump-in short...with both feet. At that point, the MOST BEARISH POSITION SINCE 2008 should be at hand, as prices will be entering the "heart" of a wave-(3), of Primary wave-[c]. Near-term resistance for Jan is at 9.80-9.91 and 10.10 ½-10.22, with the support at 9.67-9.58, 9.43 ½-9.33 ½ MAX?, 9.20 ½-9.09 and 8.96 ½-8.85.

CORN: Since I can make a decent case for a completed, Primary wave-[b]advance off the 2008 low in corn; at the Oct 23 high of 4.13 ½, our MISSED SELL at Wednesday’s 3.99 high (by 1/4-cent!) could really come back to "haunt" HEDGERS Note, IF a Primary wave-[c]decline is indeed underway here, then we could now be poised to enter the "heart" of the wave-(3), of-[c] section down...which eventually projects prices to the 2.65-2.60 level. Of course, this market has behaved "strangely" over the past several months, AND the Oct top at 4.13 ½ DID NOT OCCUR AT ANY OF MY MAJOR RESISTANCE NUMBERS, so I wouldn’t panic just yet. Note, depending on how the intra-day pattern unfolds over the next day or so, there’s still a chance that we could stage one more rally to the key 4.00-4.02 resistance; if not to our MAJOR RESISTANCE CLUSTERS AT 4.18-4.20 and/or 4.34-4.38. Near-term resistance is at 3.77 ½-3.82 ½, 3.89-3.91 ½, 4.00-4.02 and 4.10, with support at 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 67.70-68.04, with the support at 67.37-67.10, 66.50, 65.66-64.81 and 63.52-63.14.

HOGS: IF the Dec hogs can now stage a setback to our HUGE SUPPORT CLUSTER; at the 50%-19.1%-30.9%-retracement combination from the 1998/2009/Oct 2009 lows, AND depreciations of 38.2%, 23.6% and 5.568% from the 2008/April 2009/July 2009 highs, or 55.65-to-55.15, then traders should have a HIGH REWARD/HIGH POTENTIAL buying opportunity. Note, as long as we hold fairly close to this area there’s an excellent chance that we’ll see the Dec hogs rally to the 60.77-61.12 level...BEFORE going off-the-board. Near-term resistance is at 57.22-57.92 and 59.27-59.50, with support also at 54.30 and 53.30-52.40.

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: IF my Preferred Count is correct here, and the rally off Monday’s 1026.00 low in the Dec S&P is indeed just a (b)-wave, then aggressive traders should have a pretty good selling opportunity. Note, that once wave-(b) peaks, we should see a FINAL, wave-(c)decline to AT LEAST the 1019.00-1009.50 level; if not to our BEST TARGET AT 1000.00-995.00. By the way, our "time-analysis" also suggests that the OPTIMUM TIME FOR THE NEXT LOW IS AROUND NOV 16. Anyhow, OUR KEY RESISTANCE/SELL-ZONE is between 1067.00-and-1077.25, with the MAX! at 1085.50. Support’s at 1060.00/1046.00/1038.50-1035.25/1026.25/1019.00-1009.50.

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 move back-up to the 2007 top (209.50) could be indicated. KEY RESIST. for Jan is at 114.90-115.80/117.95-119.00/121.55-123.95

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. Support is at 140.65-140.25, 139.35-138.95, 137.70-137.05 AND 135.35-134.70 MAX?, w/near-term resistance at 143.00-143.75/146.10-147.10.

COCOA: Since the cocoa market has rallied nearly 1,000-points over the past 5-months, WITHOUT a major pullback, it would seemingly be VERY RISKY to try and go long here. However, my Preferred Count does indicate that we should see a FINAL ADVANCE (?) TO AT LEAST THE 3542-3590 LEVEL, so aggressive traders may want to take a shot. To that end, while there’s a chance that prices could drop to my MAX SUPPORT AT 3013-2991, the TWO BEST BUY-ZONES appear to be at 3187-3163 and 3105-3082. Resist. is at 3293-3348, 3443-3479 and 3542-3590.

NEW TRADES AND OPEN POSITIONS 11/06/09

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 buy the Dec hogs to 55.65, using a stop at 53.87.

SILVER: Traders can sell a Dec mini silver at 17.93, with a stop at 18.54. ***CANCEL this trade, however, IF prices first DROP BELOW 17.105***.

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 (+$360). Keep the stop at 117.15.