Hi traders, let's looks at corn.
On corn we see a nice recovery in five waves from the 336 low, which can be despite its nice sharp rally coming to an end. We are specifically observing an unfolding five-wave minor rally from the 359 level which can be part of wave v) and can also look for a temporary top at the 376.5 area, also an interesting Fibonacci resistance region. From the highs, we can later once red wave v) fully unfolds expect to see a new three-wave drop below the Elliott wave channel line.
Corn, 1h (September contract)
