Jump to content

Corn Commodity Elliott Wave Technical Analysis


Recommended Posts

Corn Elliott Wave Analysis
Function - Trend
Mode - Counter-Trend
Structure - Impulse wave
Position - Wave 3 of (3)
Direction - Wave 3 of (3) is still in progress
Details - Wave 3 appears to be on a decent momentum upside but more is needed to increase the likelihood above wave 1 high.
The invalidation level remains at 438’4

Corn prices have experienced a substantial surge, increasing over 16% from the February 2024 low. However, this is only a 16% recovery from the April 2022 to February 2024 sell-off, indicating that there is still significant upside potential. From an Elliott wave perspective, the current recovery is expected to extend higher, potentially correcting up to the 610-661 Fibonacci retracement area. This analysis aims to show traders how to capitalize on this bullish corrective cycle.

Daily Chart Analysis:

On the daily chart, the recovery from the February 2024 low of 394’6 is anticipated to evolve into either an impulse wave or one of the zigzag structures. Assuming an impulse wave of intermediate degree from that low, it appears the price is still in wave (3), which could be an extended one based on the sub-waves 1 and 2. By projection, wave (3) could reach 523, provided the wave (2) low is not breached.

Commodities24(1).thumb.png.3b6de38fc281a6406a68adefd806ec8a.png

 

H4 Chart Analysis:

On the H4 chart, wave 2 of (3) ended at 438’4 with a zigzag structure, and the price is now reacting upwards as part of wave 3. It appears that wave i (circled) of 3 is completing with a diagonal structure, suggesting a pullback for the corresponding wave ii (circled) could occur before the price resumes its upward movement. As long as 438’4 remains unbreached, wave 2 stays valid at this level, and wave 3 is in progress with the potential to reach 523 in the coming weeks.

Commodities24.thumb.png.d4e8dfc0d1dd84f744280fe25365a576.png

Summary:

Corn prices have surged over 16% from the February 2024 low but have only recovered a fraction of the earlier sell-off from April 2022 to February 2024. The Elliott wave analysis suggests that the current recovery is likely to extend higher, targeting the 610-661 Fibonacci retracement area. On the daily chart, the recovery from the February 2024 low is evolving into an impulse wave, with wave (3) potentially reaching 523, provided wave (2) low remains unbreached. On the H4 chart, wave 2 of (3) ended at 438’4, and the price is progressing upwards in wave 3. A pullback for wave ii (circled) may occur, but as long as 438’4 holds, wave 3 is expected to continue towards 523 in the coming weeks.

Traders should monitor the key levels of 438’4 and 523 to gauge the continuation of the bullish trend and to identify potential entry and exit points.

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!
 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Hi    when I try to buy the tickers SDIV and KBWD the platform does not allow me. This is strange as I have a broker account in France where I can easily buy these products. the MIFID retail legislation is related to CFD and margin, hence the reason must be different, can anybody help me?   Thanks
    • BOOM UP is the ultimate Game-Fi experience on Telegram, offering gamers a chance to earn real profits while immersing themselves in thrilling gameplay, unique art, and social interactions. Say goodbye to time-consuming games and hello to a world where fun meets profitability! By blending traditional gaming with the power of blockchain, BOOM UP is revolutionizing the industry and bridging the gap between Web2 and Web3. Get ready to dive into the future of gaming and experience a whole new level of excitement and rewards! Exciting news – BOOM UP is about to launch on Bitget, taking the crypto world by storm. Don't miss out on the chance to be a part of this groundbreaking project that's set to redefine the gaming and finance landscape. Get ready to level up with BOOM UP on on this exchange and unlock endless possibilities in the world of Game-Fi and NFTs!
    • As crypto adoption explodes in the EU, Bitget is fueling the flames with Builders Meetups – engaging events designed for both crypto veterans and newbies. Imagine learning from the Bitget EU COO Apprentice and crypto bigwigs, then building your network with fellow enthusiasts (potential friends or collaborators!). Plus, expert talks will boost your crypto IQ and there might even be free swag! Bitget goes beyond exchange, fostering the community through educational resources on Bitget Academy and a user-friendly platform that welcomes newcomers to the exciting world of crypto. The "Meet Bitget: Your Gateway to Crypto Trading" event in Bucharest, Romania on July 18th is your chance to dive in – registration is free! Don't miss out and spread the word.
×
×
  • Create New...
us