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Corn Wave Analysis – 18 September, 2019

  • Corn reversed from resistance zone
  • Further losses are likely

Corn recently reversed down from the resistance area lying between the resistance level 372.00 (top of the previous Evening Star from the end of August), upper daily Bollinger Band, resistance trendline of the daily down channel from July and the 38.2% Fibonacci correction of the previous downward impulse from August.

The downward reversal from this resistance zone started the active short-term correction (B).

Corn is expected to fall further and retest the next strong support level 353.00 (low of the previous impulse waves (3) and (5)).

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