Corn .... Could we be going to 12.95 + in the next bull run ????

weekly corn chart for Jan 27 2014

Corn looks to be doing one of two things 1.) finishing up a c wave of an exp flat for a wave 2. The last part of this formation consists of a 5 wave pattern down and it looks like we have finished the 3rd wave which leaves us with 4th wave up and 5th wave down to complete the formation. (The alternate would be that we are in a finished ABC zig zag. for the wave 2.) the first scenario would call for a corrective wave higher then one more possible low. The second would call for the wave 3 higher to start soon. Targets would be 12.95 if wave 3 is 1.618 times  wave 1. Invalidation of the current count would be prices declining below 2.96 3/4 set back on 9/30/09. The count would still paint a bullish picture but would call for more correction

 Commercial interest is net long and specs look to have added to the short position.