Corn seems to be Breaking Out Bullishly from a Descending Channel and the Projected AB=CD move would take us to the 1.13 Retracement. We may be able to take advantage of this Projected move by Entering now on the Breakout and an attempt to capture the CD leg's Projected Move Up.
We also have a bit of RSI Hidden Bullish Divergence to back up this Potential Early C Entry.
CORN has been moving up steadily since the late 2020, continue to impulse up and correct.
We now see a larger, higher time frame descending correction that has been consolidate for about 5 months
Latest development shows us a lower time frame double bottoms, and price has some LTF bullish price action.
Be on the look out for bullish...
Winter is coming soon. Demand will Be high, Supply will be tight as holiday season is coming. Farmers In others hand started to harvest and Keep Stock Ready For the whole season. Corn Price could be start Rally by end of October.
Should Be a nice swing trade. We will start watching reaction to marking zone for reversal bullish pattern.
For now We wait And see...
Ending my posts of major themes to look for in 2021, I want to end with the agricultural commodities. Particularly Corn, Wheat and Soybeans. The agricultural commodities are some of my favorite assets to trade, and I do not think many people pay too much attention to them. I focus on the three mentioned above, but you can also trade sugar, coffee, cocoa, orange...