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Corn Wave Analysis – 26 February, 2019

  • Corn broke support area
  • Further losses are likely

Corn recently broke sharply through the support area lying between the key support level 372.00 (which has been steadily reversing the price from the end of December) and the 50% Fibonacci correction of the previous sharp upward impulse 5 from November.

The breakout of the aforementioned support area accelerated the active short-term impulse wave C.

Corn is expected to fall further and re-test the next support level 365.00 – the breakout of which can lead to further losses toward 355.00 (monthly low from November).

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Source: FxPro


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