Corn - Has bottomed or will bottom soon near 310
Corn is tracing out a very complex B-wave correction. This correction began way back in late September 2014 from the low of 318 rallying to 443 as wave W and has since been followed by another zig-zag decline to 319 and is now in a position, where wave X is complete or will complete after one more decline closer to support at 310.
The first strong indication of wave X being complete will be a break above the resistance-line near 329, while a break above resistance at 335 will confirm the low is in place and call for a new long term rally towards 443 and possibly even higher towards 519 before the long term complex correction in wave B is complete.
If you like the above post and want more analysis like it, then you should consider joining my service elliottwavesurfer.com. Click at the link and see, what I have to offer.
No comments:
Post a Comment