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Wave Count Anticipates Swift Action in Corn
EWI's latest Futures Junctures Service reveals the long-term trend underway in leading commodity markets

By Nico Isaac
Thu, 21 Jul 2011 10:00:00 ET
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The rest of this year could be an exciting time for Corn traders, according to EWI's Futures Junctures Editor, Jeffrey Kennedy.
Jeffrey believes Corn is close to completing a wave pattern that, if his count is on target, will result in swift action.
How swift? Jeffrey is expecting a third-wave price action, which, as all Elliott wave students know, is often the most dynamic and exciting portion of a wave pattern.
"My preferred wave count has Corn close to completing an Expanded Flat second wave ", says Kennedy.
R.N. Elliott used the word "flat" to describe any A-B-C correction that subdivides into a 3-3-5 structure. He identified three types of "flat" structures; regular, irregular (or expanded) and running.
So, when will Corn turn from a market on Jeffrey's radar to an opportunity he serves up to Daily Futures Junctures subscribers?
"I never feature an opportunity in Daily Futures Junctures unless I see a completed wave pattern and compelling evidence that we’ve reached a high-probability juncture. And, as I always say, the only thing that can confirm a wave count is price action. So, I'm happy to bide my time and wait until the price action gives me some final confirmation that a third wave is unfolding.  I expect the count to be confirmed or dismissed within the next week or so and, if it does, we'll be ready."

That being said, CORN just reached Jeffrey's criteria for an opportunity. He is covering this in the current, July 20 Daily Futures Junctures.

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