¡@2006 Corn

  

Corn will soon finish a correction, maybe in a day or so. But if you long it up now, the stop loss point is far away, 185'0. Another counting is that, these a, b, c waves are not the whole story for 2nd wave, it may just be the A of 2nd wave. However, even if it is, it will rise no matter what for either short term or mid term.  This correction is due to the previous too high level and a good weather for the crops of corn.  Since at the end of c wave, the Osc usually rises, going opposite to the price, but this is not the case, thus I believe that the C wave has yet done.

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An eight minutes graph of corn, look closely, we can see the retrace hasn't done yet, there should be more to fall in a day or so.  If you short it down, set stop loss at 257'5.  MACD has already over point zero, that means the whole correction of 4 maybe done already, that is, a maybe the whole 4. In this situation, I don't recommend any trade for short term.

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Roy