Technical analysis

Corn Wave Analysis 16 October, 2020

Corn Wave Analysis 16 October, 2020

• Corn broke multi-month resistance level 400.00

• Likely to rise to 415.00

Corn recently broke the major resistance level 400.00 (which started the multi-month downtrend in October of 2019, as can be seen below).

The breakout of the resistance level 400.00 should accelerate the active upward impulse waves (5), and III.

Corn is likely to rise further toward the next resistance level 415.00 (top of wave (2) from August of 2019 and the target price for the completion of the active impulse waves (5)).

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