Corn has continued to sell off over the last few days and is now approaching our blue buy zone from USX 496 to USX 470. The downward movement in the form of the blue wave (b) should end there. Subsequently, we expect the blue wave (c) to rise to around USX 600, making it worthwhile for prospective buyers to place long orders in our blue buy zone. Our alternative scenario, with a 25% probability, occurs if the price falls further than we expect. In this case, a break of the support level at USX 474.25 would give it significant downside momentum that buyers should take note of.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.