Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of CORN ($ZC_F) published in members area of the website. As our members know we have been calling for extension higher in CORN within the April cycle. Rally from the 342’4 low has made extended leg up, so we assumed that the price is forming an impulsive structure. Consequently we knew that another leg up should ideally follow after short term pull back (4) completes. We recommended members to avoid selling the commodity and keep favoring the long side.
In the charts below, we’re going to explain the Elliott Wave Structure and the forecast.
CORN 4 Hour Elliott Wave Chart 6.5.2019
As we can see on the chart below , CORN made extended wave (3) and now doing wave (4) pull back. Proposed correction is unfolding as Elliott Wave Double Three Pattern. At the moment, pull back looks incomplete. We are calling for another short term swing down to complete it. As our members know default area for Double Three Pattern to complete is W-X equal legs area. In this case that area comes at 411’6 -395’6 which has been shown to members in Live Sessions. Once wave (4) pull back completes we expect further rally in wave (5) toward new highs.
You can learn more about Double Three Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
CORN 4 Hour Elliott Wave Chart 6.9.2019
We got proposed leg down, and buyers appeared as expected. At this stage we are calling wave (4) pull back completed at 407’3 low as Elliott Wave Double Three WXY. Currently CORN is doing short term 2 red pull back against the mentioned low. As far as the price stays above 407’3 level, we should be ideally doing wave (5) toward new highs.
CORN 4 Hour Elliott Wave Chart 6.9.2019
407’2 low held nicely during the short term 2 red pull back and we got rally as expected. The price has made new high, confirming wave (5) is in progress. As far as pivot at 407’2 holds we can get more short term strength.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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