Corn Wave Analysis 23 December, 2020

• Corn rising inside sharp impulse wave 5

• Likely to rise to 450.00

Corn continues to rise inside the sharp upward impulse wave 5 – which previously broke above the key resistance level 438.30 (top of the previous minor impulse wave 3 from last month)

The active impulse wave 5 belongs to the medium-term upward impulse sequence (C) from the start of August.

Given the unstoppable daily uptrend – Corn is expected to rise further toward the next resistance level 450.00 – the breakout of which will lead to further grains toward 460.00 (likely price for the completion of the active impulse wave 5).