Kumowizard
Long

CORN - If you missed last time, get ready for long now!!!

CBOT:ZCU2015   CORN FUTURES - ECBT
116 0 3
First of all please read my previous bullish recommendations, and my view about how Corn             Price action started to change.

Than look at the move on the daily (or on the weekly) chart: yes that was 20 %+ from the lows, but if one was conservative with the entry, it was still 10 %+ from the Kumo breakout or from 100 WMA break.

How does it look like now and what are the chances?

Weekly:
- the long term bearish trend was broken! Price has finally trades above 100 Weeks (!) WMA spending more than 2 years below it! We have a X-A-B-C reversal pattern with a higher high, after classic long term Elliott wave 0-5 was completed.
- Ichimoku setup is still neutral, but around a bullish breakout! Actually Price broke temporarely above the cloud and the 425 long term supp/res line, but since the move was 20 %+ from the previous low, finally it dipped back into the Kumo.
Price is trading above 100 WMA , Kijun Sen, and we also have a firm bullish future Kumo twist (Senkou Span A/B cross)
- Heikin Ashi candle shows bullish consolidation

Daily:
- Ichimoku setup is bullish , with corrective price action. As price is reaching Kijun Sen and future Senkou B as most important supports, it is time to consider enterring longs and to look for buy signals again.
- The correction was as sharp as the bullish run, but the short term bearish momentum probably starts to drop further today. We have to watch the candle body size relative to the previous ones (actually that is haDelta/SMA3 quantification) and also the wicks: will be a lower low or not, will this or the next candle have a higher wick?

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