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Corn Could Continue Towards Higher Levels

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May 28 2015

Corn has been bearish for the last three years as we see on the Weekly chart, but that is likely over as A-B-C corrective bounce can be unfolding. The reason for a bullish turn is a five wave recovery from the lows, that we labeled it as blue wave A as shown on a Daily chart. That said a current retracement from April highs can be a temporary three wave sat-back, labelled as wave B. Notice that wave B is now trading at some significant fibo support zone at 340-350. Technically speaking bounce from that area may occur soon, especially if we also consider Divergence on the RSI within current bearish swings.

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