Technical analysis

Corn Wave Analysis – 1 July, 2020

Corn Wave Analysis – 1 July, 2020

• Corn broke two down channels

• Likely to rise to 360.00

Corn continues to rise inside the sharp upward impulse wave C – which previous broke the two intersecting different-length price channels from April and the middle of 2019, as can be seen below.

The breakout of these price channels coincided with the breakout of the 50% Fibonacci correction of the previous sharp downward impulse wave from March. Corn is likely to rise further toward the next resistance level 360.00 (target price for the completion of the active ABC correction (4)).

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