CBOT Corn-Dec 17
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FUTURES
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++ 2 important figures expected today and could have significant impact on corn:
-1100 ET USDA weekly grain export inspections.
-1600 ET USDA crop conditions and progress report.
*TREND : Bearish
*MARKET STRUCTURE : Triangle formation
*ELLIOTT WAVE : Wave (4) triangle
The market still showing bearish tendency. It is trading below moving average while oscillator is still fairly negative but approaching the zero line which is typical in the wave 4 formation .Wave (4) is performing in 5 legs triangle formation where the 5th leg could test 356 or be a short one and fail to reach the upper line of the triangle, before the market resumes downward toward 325-320 to complete wave (5).
BREAK OF 362 WILL ABORT THE ABOVE BEARISH SCENARIO.
#futures #corn #cbot #cme #commodities #grain #trading #analysis #usa
===============
FUTURES
---------------
++ 2 important figures expected today and could have significant impact on corn:
-1100 ET USDA weekly grain export inspections.
-1600 ET USDA crop conditions and progress report.
*TREND : Bearish
*MARKET STRUCTURE : Triangle formation
*ELLIOTT WAVE : Wave (4) triangle
The market still showing bearish tendency. It is trading below moving average while oscillator is still fairly negative but approaching the zero line which is typical in the wave 4 formation .Wave (4) is performing in 5 legs triangle formation where the 5th leg could test 356 or be a short one and fail to reach the upper line of the triangle, before the market resumes downward toward 325-320 to complete wave (5).
BREAK OF 362 WILL ABORT THE ABOVE BEARISH SCENARIO.
#futures #corn #cbot #cme #commodities #grain #trading #analysis #usa