Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Corn Futures published in members area of the website. As our members know, the Commodity has corrected the cycle from the 412’7 peak. Proposed recovery has been unfolding as Expanded Elliott Wave Flat structure. In further text we’re going to explain the forecast and Elliott Wave Pattern. Before we take a look at the real market example of Expanded Flat, let’s explain the pattern in a few words.
Elliott Wave Expanded Flat is a 3 wave corrective pattern which could often be seen in the market nowadays. Inner subdivision is labeled as A,B,C , with inner 3,3,5 structure. Waves A and B have forms of corrective structures like zigzag, flat, double three or triple three. Third wave C is always 5 waves structure, either motive impulse or ending diagonal pattern. It’s important to notice that in Expanded Flat Pattern wave B completes below the start point of wave A, and wave C ends above the ending point of wave A which makes it Expanded. Wave C of expanded completes usually close to 1.236 Fibonacci extension of A related to B, but sometimes it could go up to 1.618 fibs ext.
At the graphic below, we can see what Expanded Flat structure looks like.
Let’s take a look what Elliott Wave FLAT looks like in real market example.
CORN Elliott Wave 4 Hour Chart 7.29.2018
Recovery against the 412’7 peak is unfolding as Elliott Wave Expanded Flat Structure. We can see (A) and (B) blue waves are clear 3 waves structures, while wave (C) blue is unfolding as 5 waves rally. Recovery has already reached (A)-(B) equal legs at 363’2. Although cycle can complete any moment, there is no any sign yet confirming Expanded Flat structure is done. Another swing up would be ideal to complete 5 waves in wave (C) of flat. So, we are calling for another short term leg up toward 1.236 -1.618 Fib extensions , approximately: 369’3-379’3 area.
CORN Elliott Wave 4 Hour Chart 08.26.2018
Eventually we got leg higher wave 5 of (C) toward proposed area. Expanded Flat completed at 374’2 high and we’re getting the decline. We would like to see break below (B) blue low to get confirmation that next leg lower is in progress.
Note: Keep in mind not every char is Trading Signal. 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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