Corn Wave Analysis – 19 November , 2018
November 19, 2018 @ 19:07 UTC
- Corn falling inside short-term correction
- Further losses are likely
Corn continues to fall inside the short-term corrective wave, which started earlier from the resistance area lying between the strong resistance level 377.00 (monthly high from October) and the upper daily Bollinger Band.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Long-Legged Doji.
Corn is expected to fall further and re-test the next support level 360.00 (low of the previous short-term correction (ii)) – the breakout of which can lead to further losses toward 355.00.