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Wave Tech Analysis

FxPro Forex Analysis: Corn Wave Analysis – 16 August , 2018

• Corn rising inside impulse wave (3)
• Further gains are likely

Corn continues to rise inside the medium-term impulse wave (3), which started recently from the support zone lying between the support level 350.00 (low of wave 2) and the lower daily Bollinger Band.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer (highlighted below).

Corn is expected to rise further and retest the next strong resistance level 373.00 (which stopped the previous medium-term impulse wave (1) in June).

CORUSD - Primary Analysis - Aug-16 1848 PM (1 day)