4 Hour Chart Explanation: - Price bounced on the Resistance Zone (check it on the Weekly or Daily Vision). - Price broke the Ascending Trendline. - Price is, currently, on a Bearish Corrective Structure (ABC Elliot Count). - If it breaks it at 4,215, the Short Move will be started. - Our targets for that down move are the two Middle Support Zone and, finally,...
4 Hour Chart Explanation: - Price bounced on the Macro Resistance Zone and broke the Ascending Trendline. - It is currently retesting the Resistance Zone (Pullback). - If price starts its down path, we have two potential targets points: the Middle Support Zone at 3,782 and the Major Support Zone at 3,424. Also, our Weekly and Daily Analysis are short views on...
CORN has broken out of a bullish descending wedge pattern to the upside, entered a bearish rising wedge, broken down and back-tested the previous resistance level before bouncing back. There are positive divergences on the charts which suggest a much longer up trend in play. These positive divergences can also be seen on the weekly and monthly charts of CORN which...
Yellow line is entry; Stop loss is the red line; Take profit are the green lines;
In the ZCZ2019 chart, I see the potential for another leg up however I believe it could retreat down to test the current support line. On 4/30 I bought corn around $3.80 feeling the low had been put in, after a few discomforting days I was correct. Due to delayed plantings and not optimal weather looking forward the market exploded up. I exited this position...
So check my last chart to see where I told you what needed to happen to get here. Spoiler alert. I was spot on. Now we have a fresh high and fresh failed to gain. Not a bad place to get short with tight stop just above previous highs. BUT TO TRULY KNOW IF THIS IS THE TOP... you have to lose the high. Look for a close below the last leg that took you up and then...
I like when charts show fresh highs, you just let it do its thing till it signals which way its about to go. Looking to get short on this one as its coming up to a nice past resistance level. Not financial advice. Trade safe.
Key Level: 387’6 I’m working on the idea of triangle wave (B) complete and wave (C) is developing into 5 wave motive structure. By using Elliot rule of “WAVE 2 never retrace 100% of wave 1”, we can establish an invalidation level that served as our key level of this analysis. If wave (B) complete, corn has no business to go above 387’8 level and I’m looking...
Working on the idea of wave 5 diagonal triangle in corn weekly chart
Corn has been practically neutral on 1W (RSI = 54.490, ADX = 23.173), trading sideways since mid July. With the price currently testing the inner 374'2 Resistance, we consider it to be high enough for a short towards the 0.618 1D Fibonacci = 356'6.
Looks like a possible long setup for the short term, but beware of nearby resistance. Wait for confirmation. Like this idea if you agree. Follow me for more tips like this.
Corn futures ZC1 have touched the 50% Fibonacci level on three occasions and failed each time. Looking for a reversal to the uptrend
The TP = 372.20 has been hit and the 1D Channel Down (RSI = 37.956, Highs/Lows = -0.2679, B/BP = -1.4820) continues to deploy on a standard manner. Next TP = 337.20 which is the November 13, 2017 bottom and a very likely candidate for a rebound. If it breaks then 320.40 is next.
After breaking the 1D Channel Up (Highs/Lows = -12.9821, MACD = -1.170), Corn just bounced off the first important support at 380. We will either see a strong rebound here (long with tight SL, TP = 392.40) or if 379 breaks, it will look for the 372.20 support (TP = 374).
Seasonally, June/July worst months of the year though
Looks like a flag to me. My indicators do not yet align with the idea on this time frame...I will update using lower time frames below. Also note the bearish 2618 set-up which completes @ 393. If you have any comments or feedbacks on this idea or your own view on Corn, please share!