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Corn Wave Analysis – 6 June, 2019

Corn Wave Analysis – 6 June, 2019
  • Corn reversed from resistance zone
  • Further losses are likely

Corn recently reversed down from the resistance zone lying between the resistance trendline of the weekly up channel from July of 2016, upper daily Bollinger Band and the multi-year resistance level 434.00 .

The downward reversal from this resistance zone completed the pervious extended ABC correction II from 2016.

Corn is expected to fall further and retest the next round support level 400.00 (which reversed earlier waves (5) and (3)).

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Source: FxPro


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