Hello fellow traders, another trade setup we have advised to members recently is Corn Futures.In this technical blog we’re going to take a quick look at the past Elliott Wave charts of ZC #F published in members area of www.elliottwave-forecast.com , explain the forecast and trading setup.
As our members know, Corn have had incomplete bullish sequences in the cycle from the 11.28.17 low, suggesting further strength, targeting 369’1 +area. Consequently, we advised our members to keep on buying the dips in the sequences of 3,7,or 11 swings. Once again we were right in direction, however pull back didn’t manage to reach buying zone and it ended as truncation early.
Let’s take a look at the previous short term Elliott Wave forecasts.
CORN (ZC #F) 1 Hour Elliott Wave Analysis 2.5.2018
As we can see on the charts bellow, we have had ended short term cycle from the 345’5 low as 5 waves structure wave ((a)). Currently the price is doing pull back against the mentioned low , that is labeled as wave ((b)). Inner structure of ((b)) pull back is proposed to be (a)(b)(c) ZIGZAG , when wave (c) can see 355’4-354’2 area ( potential buy zone). In the mentioned area (blue box) buyers should appear for further rally ideally or 3 wave bounce at least which should allow us to get out risk free shortly. We don’t recommend selling it against the main bullish trend. Invalidation for the long trades is break below 1.618 Fibonacci extension : 352’2 level.
CORN (ZC #F) 1 Hour Elliott Wave Analysis 2.7.2018
As we can see on the chart below, we got proposed leg lower . However wave buyers were strong enough to beat sellers early. Consequently we got (c) leg that was shorter than (a) and pull back ended as truncation at 356’3 low .Truncations happens from time to time and market can leave us without entries. In such cases it’s crucial to be calm ,don’t be sorry cause of missed opportunity. It’s very important to stick to the rulles and avoid jumping in trades early or chasing the trend later. We in Elliott Wave Forrecast cover 78 instruments in total and there’s always be new opportunities to make profits.
Keep in mind market is very dinamic and short term view could have ended in meantime. If you’re interested in new trading setups of ZC #F you can find them in the membership area of EWF.
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