CZ11 – December Corn (Last:688.50)

December Corn (CZ11) price chart with targetsDecember Corn looks like it’s staging for a 10% rally, the technical basis for which is shown in the accompanying chart. Although camouflage opportunities are not readily apparent on the ‘hourly,’ I’ll recommend zooming down to perhaps the 30- or 15-minute bars if you’re eager to improvise a camouflage entry at these levels. An entry signal has already been tripped on charts of larger degree, but the futures have not yet taken off.  Please note as well that there is specific Hidden Pivot risk you should be aware of, since there’s a weak corrective abcd pattern also at work with a 675.50 midpoint support and a 658.25 ‘d’ target. (60m, A=698, B=663.25, and C=693.) _____ UPDATE (12:51 p.m. EDT): The futures have taken a header this morning, smashing the midpoint support identified above and trading as low as 665.50.  The 658.25 target remains valid for bottom-fishing, but it should only be attempted using the “camouflage” technique. If you’d rather try to get long with a straight bid and a very tight stop-loss, try it at 652.50, a ‘d’ Hidden Pivot target derived from the July 19 peak at 703.75. That’s my maximum downside objective for the near term, although it’s possible the futures will turn from above it and you’ll miss the trade.