May Corn fought back after Trump called the president of Mexico to ease tensions after tweets. This market is above the 20 day moving average. Last 3 candles are rejecting lower prices. Mexico is a large buyer of US Corn, so if these talks falter, Corn may continue downward.
We could also be looking at a head and shoulders pattern. Neckline coming in at 360'6 support from back in September. Possible trade down to 78.6% area to build out the other shoulder.
Lastly, an Elliot Wave is here (plotting will just make this chart even more busy). Leg 4 has completed and the last leg up would complete the butterfly. A lot going on for just one market.
We could also be looking at a head and shoulders pattern. Neckline coming in at 360'6 support from back in September. Possible trade down to 78.6% area to build out the other shoulder.
Lastly, an Elliot Wave is here (plotting will just make this chart even more busy). Leg 4 has completed and the last leg up would complete the butterfly. A lot going on for just one market.
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