(Forgive the terrible joke, but I couldn’t hold myself). The 50% retracement on Corn suggests that a minor correction would be over making possible an “a-b-c” counting thus getting ready to resume the upward trend. However, at this point in time, it would be wise to keep an alternate count in sight as this correction could easily (and most likely, in my opinion) extend to the 0.618 fibo. I say this, as most indicators are either bearish or neutral on the short/mid run. Ichimoku, for instance, is “cloudy”. Unlike soybeans (that has been on sideways for days now), corn has provided some interesting ups and downs for day-traders. For the long-term however I am still bullish and will keep holding my long position as long as prices stay within the 4-350 trading range, although I strongly suggest a stop-loss at levels close to 330 for money management matters. Just for the records, I am a position trader (i.e. no day-trading).
The daily chart still developing as expected and the above mentioned abc retracement is still unfolding, however as you see on this new chart/image attached here, if the .618 ratio is broken "too fast" it may requires an alternate count and this would suggest we are in fact seeing a 3rd way (stronger downward) on the way. I am saying this as indicators are deteriorating also "too fast" (or technically speaking, market is gaining "momentum") and today's drop may suggest Bears are getting full control. Again, it is still early to day this, but today I have placed additional stops close to the .618 retracement in order to reduce my long. I am not unwinding my position. This is mere money management.
Just a quick update and a heads up;
The daily chart still developing as expected and the above mentioned abc retracement is still unfolding, however as you see on this new chart/image attached here, if the .618 ratio is broken "too fast" it may requires an alternate count and this would suggest we are in fact seeing a 3rd way (stronger downward) on the way. I am saying this as indicators are deteriorating also "too fast" (or technically speaking, market is gaining "momentum") and today's drop may suggest Bears are getting full control. Again, it is still early to day this, but today I have placed additional stops close to the .618 retracement in order to reduce my long. I am not unwinding my position. This is mere money management.