vlad.adrian
Long

Corn - Ready to reverse the downtrend

CBOT:ZC1!   CORN FUTURES - ECBT
125 0 4
Corn             has been in a long lasting downtrend.
snapshot

The weekly chart leaves room for at least a correction, if not a reversal.

The daily chart does not have a divergence, except for the one on the Force Index , but the hammer 2 days ago tells me that long positions have been manipulated. The Weis Wave has a very nice pattern, which shows that buying is entering the market. I explained the pattern on the chart.

First target is at 400 - 410. The second target is pretty far away, and I doubt that 500 will be reached soon.

The fact that there is no divergence on the MACD is a warning signal
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