CBOT:ZC1! CORN FUTURES - ECBT
This chart was easier to make than expected once i had the weekly done it is more or less a copy with a couple more fans added. After closer examination, corn prices appears to be moving from the different fan angles to the lines created by the clones. These lines resemble limbs of a tree and act as highways for price movement much like the limbs of a tree act as highways for animals to move about the tree.
That is the question. I expect corn to continue up with a short term target of 680. We will have to watch how the price reacts at that blue 3/1 line. The candles suggest this is a strong move off the bottom with the engulfing candle. The formation looks to be a reversal inverted head and shoulders. If price can clear all the obstacles, I see a long term positive target of 840's and on the flip side we have a negative target of 520's. My sense is corn is going higher.