Corn Wave Analysis 29 December, 2020

• Corn rising inside impulse sequence ⑤

• Likely to reach 464.00

Corn continues to rise inside the sharp weekly upward impulse sequence ⑤ from November – which is itself made out of multiple different size impulse waves visible on the daily and the hourly charts.

The price is currently approaching the major long-term resistance level 464.00 – which stopped the previous strong upward trend in the middle of 2019.

Corn is expected to reach the resistance level 464.00 – from where the downward correction is likely (given the overbought weekly Stochastic indicator and, especially, weekly RSI indicator).