SHV. Just had a quick look Captain. That's a terrible chart -...

SHV. Just had a quick look Captain. That's a terrible chart - are you wanting to short it?

It's not worth putting a lot of work into. It's in a strong monthly downtrend which will go on long term.

Strong support is below in that $7.10 - $7.30 zone. (i.e. 50% ATH at $7.16; 50% of last major range at $7.37; $7 round number below; April 2014 peak at $7.24).

It's overdue for a bounce back up into a Wave B. Based on 5mins look only, I'd be expecting something like the fall to hold on the monthly chart in the low $7s (can fall a bit below and come back) then run back up for some months to as high as 50%-78.6% retrace ($10-40 - $12.25) before heading back down way below current levels. Or it could hold at support and then continue to break down.

It goes on long trends anyway up and down. The last fall took 7 years high to low.

So might be ok for a trade for a few months to try and catch the likely bounce/retrace, but not a long term buy and hold.

I've notice a couple of posts from you on Agri stocks. You're the macro guy. Are you sure you're not trading last years story?. The theme for agriculture stocks is huge demand from China. But what if China is about to finally melt-down. Won't the agriculture theme become attractive as mining sales to China. I don't know where China is headed, but surely worth letting the current wobbles play out a bit to see.