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Elliot Wave in corn
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partimer
Posted 4/23/2018 10:03 (#6726349 - in reply to #6726166)
Subject: RE: Elliot Wave in corn


Northwest Iowa
Elliot wave is confusing to many people as each wave will break down into another series of waves. To tell which belongs to which is tricky. I'm not sure which contract Al Kluis is referring to so it is hard to answer that question. The weekly chart shows resistance around 4.00 from old highs posted on the weekly chart. The next area of resistance is around 4.40. That is on the weekly nearby chart. The 4.00 will be addressed soon as the July contract becomes lead. Until we break out above 4.50, we are still just in the accumulation process with EW counts hard to see and interpret. Personally, I don't see a "wave 2" going on. Most often a wave 4 is a triangle or some similar formation while a wave 2 is a deep correction. 75% is not uncommon and in beans we can see double bottoms. In the weekly bean chart I can see a saucer type of bottom in place which again shows bottoming action with demand starting to ramp up. Buyers more numerous than sellers causes price to rise. Many would like to see some real fireworks but the sharp, limit type moves don't occur until the final throws of a bull and are fairly short-lived.
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