Corn has been trading bearish since 2012. It has made five waves down and a three wave retracement as in blue waves (A)-(B)-(C). We are now waiting for price to break the corrective channel. When price brakes the channel line, the bearish cycle may star over again.
On the Daily chart we see blue wave (C) as completed, because of a sharp impulsive movement to the downside. Corn may now be facing a corrective pull-back in red wave 2, to around 50 or 61.8 % of previous red wave 1 where traders should be aware of a new sharp fall. We will continue to look for weaker prices, as long as the market trades below the Invalidation Level - 443'6.
www.ew-forecast.com
On the Daily chart we see blue wave (C) as completed, because of a sharp impulsive movement to the downside. Corn may now be facing a corrective pull-back in red wave 2, to around 50 or 61.8 % of previous red wave 1 where traders should be aware of a new sharp fall. We will continue to look for weaker prices, as long as the market trades below the Invalidation Level - 443'6.
www.ew-forecast.com
