Corn Elliott Wave technical analysis [Video]

Corn Elliott Wave analysis

Function: Counter-Trend. 

Mode: Correction.

Structure: Flat structure for wave ((2)).

Position: Wave ((2)).

Direction: Wave ((3)).

Corn price action overview

Corn prices began rebounding on May 13, likely initiating a corrective move against the prior downtrend from the April peak. This correction could potentially extend toward the 426–386 range in the near term.

Corn daily chart analysis

Since April 2022, corn prices have trended lower, forming a consistent pattern of lower highs and lows. This movement completed a bearish five-wave impulse by August 2024. As per Elliott Wave Theory, a three-wave correction typically follows a five-wave trend. Thus, the rally that started from the August 2024 low appears to be correcting this earlier decline.

In February 2025, a zigzag correction identified as wave (b) in orange was completed. The subsequent decline from February may either be forming another zigzag corrective structure, targeting the 426–386 zone, or developing into a new bearish impulse that could lead prices below 360, signaling more downside risk.

Corn four-hour chart analysis

The H4 timeframe shows that waves ((1)) and ((2)) were completed in March and April 2025, respectively. From April onward, the price dropped in an impulsive wave structure, labeled as wave 1 of (1) of ((3)). This was followed by a corrective movement identified as wave 2 of (1).

Wave 2 is expected to end within the 457–467 range. Upon completion, a downward continuation toward the 400 level is projected, supporting the broader bearish structure.