Flubberpants
Long

Corn upside correction (LT Bear - ST Bull)

CBOT:ZC1!   CORN FUTURES - ECBT
19 0 0
TA:
On a weekly scale, Corn             Futures have completed 5 waves downwards from Summer 2012 to Autumn 2015

I believe we are current witnessing a retracement back to the USD430 level ( LT             resistance traced back to 2007)
- refer to waves A-B-C

Additionally, Corn             prices have mostly respected the Fibonacci Levels, hence, this provides some additional support to my target of USD430.

Fundamentals:
In the long run, based on a few factors, I expect a more bearish outlook for this commodity:

1) USDA abandoning its forecast of China corn             imports - China current holds 40% of Corn             Inventory. Hence, China's self reliance             on its own Corn             inventory may reduce demand for US Corn             .
2) Rising USD may adversely impact the demand from foreign corn             importers as Corn             becomes more expensive to purchase

May the trades work with you.
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