Corn is a seasonal commodity. It is also thinly traded compared to the S&P.

Being thinly traded does not make it as EW principle trading viable. Seasonal can make this market to fly when ever weather gives people the indication that weather does not come thru. Weather it be in Brazil or some other country.

The support is stated at the blue line. It is also confirmed on the angled red line. This two should hold the corn.

The corn has been planted and now if they get the spring rains and early summer. If not, one more shot up, otherwise down corn should come.

Notice how the market from 5 dollars up has been increasing in volatility. That is indication of a top in progress. Should say a trend ending in progress. Volatility is the wider trading ranges each day. Shows the market is indecisive making decisions quickly and often. Probably due to factors that are volatile and not stable as market prices. Will the government keep subsidizing bio-diesel, weather, how full are the farmers bins(can they store another year or will they).

charleydan
sillywaves