Corn Wave Analysis – 15 August, 2019
August 15, 2019 @ 13:17 UTC
- Corn broke support area
- Further losses are likely
Corn recently broke sharply below the support area lying between the key support level 387.00, support trendline of the daily down channel from June and the 61.8% Fibonacci correction of the previous upward impulse from April.
The breakout of this support area accelerated the active short-term impulse wave 2 – which belongs to the impulse wave (C) – which started in July from the major resistance level 460.00.
Corn expected to fall further and retest the next support level 342.80 (monthly low from April and May).