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Elliott Wave Analysis: CORN In A Temporary Pullback

CBOT:ZC1!   Corn Futures
On the 1H chart of Corn             , we are observing an idea of a contra trend movement taking place, after a five wave drop had unfolded from 440'6 highs. We are talking about the A-B-C correction, which could now be already in the final stages of its completion, as we see price trading in the final leg C. This commodity could still reach 409-412 region, before turning lower into a new five wave sequence.

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Corn did not reach the 409 - 412 region, went down to 340 region what does the count now look like?
+1 Reply
Yes corn did not reach the 409 mark, but it did make a three wave recovery from 377 to 402, area of a formal wave 4(which in most cases can act as a resistance). Afterwards it made a nice drop.
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