Corn Elliott Wave AnalysisCorn prices have experienced a notable rebound, rising approximately 14% since the late August 2024 low. This upward movement serves as a corrective phase against the broader decline that began in May 2024. While the short-term outlook suggests further upside potential, the medium-term analysis leans towards a bearish continuation, with prices expected to settle below the $475 mark.Daily Chart AnalysisThe prevailing bearish trend in corn began in April 2022. However, this decline appears to be corrective rather than impulsive, indicating a more complex wave structure. Unless we witness an impulsive recovery, the current upward movement is likely temporary and should reverse soon. Analyzing the price action from the April 2022 high reveals a double zigzag pattern at the cycle degree. The decline from $475 is identified as an impulse wave, specifically forming wave (A) of Y (circled) within the larger cycle wave y. The ongoing bounce is classified as wave (B) of Y (circled), which ideally needs to cap below $478 to validate the current Elliott Wave count.  H4 Chart AnalysisDelving into the H4 chart, the recent upward momentum appears to have completed wave A of (B). Confirmation of wave B’s completion will occur if the price breaks above the wave A high. Should this happen, we can expect wave C of (B) to target the 450 level. While this short-term perspective supports a corrective bounce, it is essential to recognize that the broader bearish sequence remains incomplete. This suggests that the long-term downward trend could reassert itself following the top of wave (B). In summary, the Elliott Wave analysis of corn indicates a current corrective bounce that is likely to be short-lived. Traders should be cautious as the overall bearish trend persists, with the possibility of renewed downward movement looming as we approach critical resistance levels. Keeping an eye on wave structures and key price levels will be crucial for anticipating market shifts in the coming weeks.More By This Author:AUDUSD Forex Elliott Wave Technical Analysis – Thursday, September 19
Unlocking ASX Trading Success: S32 Stock Analysis & Elliott Wave Technical Forecast – Thursday, September 19
Elliott Wave Technical Analysis: Ripple Crypto Price News For Thursday, Sept 19