Corn Finishing Intermediate Wave 4 with Bearish Seasonality

Corn is currently in minor wave D or E of an intermediate wave 4 triangle. Once corn breaks out of the triangle, it will begin intermediate wave 5 down to at least the 521'0 (0.618 Fibonacci level) area for December corn, possibly lower.

This is also happening during the summer months when corn prices typically decrease. If you bought corn on July 19 and sold corn on December 3 every year for the past 15 years, you would have lost money for 10 of those years (66.66%).

Volatility may remain high during the Russia-Ukraine war, but the price trend is down.

Comment:

I made a typo above. It should say "sold corn on October 3 every year" rather than "December 3." Corn's seasonality is bullish in December.