Corn Elliott Wave Analysis

Corn continues to trade lower below the 504 pivot after completing a major bullish corrective cycle from August 2024. Prices will likely extend lower to prices around $400, at least if not an impulse decline to break below the August 2024 low of $360. 

Corn Long-Term and Daily Chart Analysis

Corn prices started a long-term bearish cycle in April 2022 - breaking previous lows after key bounces. Another bounce has emerged from the August 2024 low. Unless the bounce makes a double correction higher, it should lead to another sell-off to break below August 2024 and then extend the larger bearish sequence from April 2022. 

From the Elliott wave perspective, the commodity completed a 5-wave decline from April 2022 marked as wave (a) of the supercycle degree. The current bounce should then be wave (b) of the supercycle degree. The bounce completed a 3-swing and then turned lower. Onward, the recent pullback from February 2025 should either complete a 3-swing lower and then turn higher for a stronger (b) or sell-off with an impulse to break below $360 on the way to wave (c) of the supercycle degree.

Corn H4 Chart Analysis

The H4 chart attached shows the price of already finished waves ((1)) and (22) of the primary degree, Wave ((3)) should evolve lower. Also, it’s important to note that a clear impulse sequence has not yet surfaced. Until then, traders will look for the minimum - the completion 3-swing decline toward $420-400.

Technical Analyst : Sanmi Adeagbo

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