This chart was easier to make than expected once i had the weekly done it is more or less a copy with a couple more fans added. After closer examination, corn prices appears to be moving from the different fan angles to the lines created by the clones. These lines resemble limbs of a tree and act as highways for price movement much like the limbs of a tree act as...
After doing some research and seeing some close up images of actual charts by Gann, I got the idea of doing this chart. We have a Gann Fan then I cloned the 1x1 initial channel. As can be seen in the chart these channel clones continue to have influence on corn prices as support and resistance. Gann was cloning this very channel on his charts to forecast pricing....
In a long term up trend we have a fail to break support , a break out of a shorter time frame's trend line, and a pullback (deep one, which is consistent with the idea of new starting trend) Besides we can see divergence in the pullback from the last long term upside movement.
So, I suggest to start a buy if price closes 1% above the most recent resistance zone...
RSI in oversold territory and Diverging. Stochastic has given buy signal. MacD histogram losing a bit of downside momentum. Daily chart offering a decent Risk:Reward for a short term correction on the new crop corn.
In strong upside trend, and after a 50-61% fib retracement, the Ichimoku shows support under the actual price, the strenght in favor of the bulls and a wide open buy signal.
So i propose longs once the price gets over the last recent high, at least till the 97 high.
Stop close only under the 44.5 (to have an aproximate risk reward of 1 to 2.19 ratio.
Corn uptrend is resuming. Price is currently resting between the downward sloping trendline and the 20 exp moving average. A new upward movement is probable. I would buy above 734 with target objective 767. If target is not reached by the 5th of Feb I come out. Feed-back please!
The price of corn has consolidated itself in a descending triangle. If the price will break under 731.6 then I am expecting it to retest the 700/705 support zone.
if it will close over the superior line, then we might see a retest on the last top, 777.
