Corn Elliott Wave technical analysis [Video]
|Corn Elliott Wave analysis
Corn continues to trade lower below the 504 pivot after completing a major bullish corrective cycle from August 2024. Prices will likely extend lower to prices around $400, at least if not an impulse decline to break below the August 2024 low of $360.
Corn long-term and daily chart analysis
Corn prices started a long-term bearish cycle in April 2022 - breaking previous lows after key bounces. Another bounce has emerged from the August 2024 low. Unless the bounce makes a double correction higher, it should lead to another sell-off to break below August 2024 and then extend the larger bearish sequence from April 2022.
From the Elliott wave perspective, the commodity completed a 5-wave decline from April 2022 marked as wave (a) of the supercycle degree. The current bounce should then be wave (b) of the supercycle degree. The bounce completed a 3-swing and then turned lower. Onward, the recent pullback from February 2025 should either complete a 3-swing lower and then turn higher for a stronger (b) or sell-off with an impulse to break below $360 on the way to wave (c) of the supercycle degree.
Corn four-hour chart analysis
The H4 chart attached shows the price of already finished waves ((1)) and (22) of the primary degree, Wave ((3)) should evolve lower. Also, it’s important to note that a clear impulse sequence has not yet surfaced. Until then, traders will look for the minimum - the completion 3-swing decline toward $420-400.
Corn Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.