CORN Undergoing A Temporary Correction; Possible Reversal Near 345 Region

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On the 4H chart of Corn, we are observing a part of a higher degree three wave rise taking place, with current corrective wave B) in the making. As we see commodity already completed both sub-waves A and B, meaning that only one more push down into wave C is expected, before market may turn bullish again.

The ideal support and reversal for this wave C of B) may be around the former wave 4 at 346 level, where bears may slow down and bulls may come in play.

CORN, 4H

corn-4

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.