brent harris elliott wave
futures market advisory service

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corn (jan. 31, 2009)

although we probably won�t see a highly bullish wave-position develop in the corn market until late this year, or early 2010, the intermediate-term formation should remain "moderately bullish" for at least another month or two ,i.e., before the stage will then be set for one more major drop! note, while there are basically two viable ways in which to label the wave-progression from the 2008 high (7.65), both interpretations strongly indicate that we�ll at least see a decline of three primary waves, or an [a]-[b]-[c] pattern down. thus, since the initial, [a]-wave section down clearly bottomed at the dec. 2008 low of 2.90, and we are currently (probably) only about halfway through the intervening, wave-[b] advance, it will likely take at least another 8-months or so before the final, [c]-wave decline finishes. in the meantime, it looks like we should have good opportunities to play both sides. first, if the wave-(b)-of-[b] pullback from the jan. 6 high can produce one more spike-down here, preferably by the first or second-week in feb., then we should have a pretty good chance to go long. in this case, while the mar. contract could drop as low as the 3.38-3.34 � area, the best buy-zones should be at 3.60-3.56 1/4 and 3.47 �. at any rate, once a [wave-(b)] decline has finished, then prices should stage at least one more substantial advance...as a wave-(c) unfolds. traders should be aware, however, that it�s also quite possible that the overall advance from the dec. low will unfold into a double-three (as depicted on the weekly corn chart). in this case, prices could remain in a side-ways-to-higher pattern well into the spring 2009 period, as we�d then need to trace-out an (x)-wave pullback, and one more (a)-(b)-(c) rally. either way, it looks like our minimum, upside target is probably at the 4.69 1/4-4.71 � level. this area yields a 38.2%-retracement from the 2008 top, and appreciations of 169.1% and 61.8% from the 2000 and 2008 lows. finally, once it�s possible to label a completed, primary wave-[b] rally off the dec. 2008 low, we will want to go short...as the primary wave-[c] drop will likely project down to at least the 2.65-2.60 level ,i.e., by fall/winter 2009.

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