Look at the chart of Market Vectors Agribusiness ETF (MOO). I think you can see the top easily, and also the potential for a fresh break.
Let's do the math on the chart: The top of the pattern is $58 and the bottom is $51, which nets us $7. If we then take $7 from $51, that yields a target near $44. Considering my view that spike lows tend to keep prices contained on the first trip down, I'd say it's not unreasonable to believe MOO can easily work its way back toward the August low.-H.Meisler
Let's do the math on the chart: The top of the pattern is $58 and the bottom is $51, which nets us $7. If we then take $7 from $51, that yields a target near $44. Considering my view that spike lows tend to keep prices contained on the first trip down, I'd say it's not unreasonable to believe MOO can easily work its way back toward the August low.-H.Meisler
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