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The downtrend from the July 14 high of $3.80 has completed at the Aug. 2 low of $3.29, as it could be well divided into five small waves. Further confirmation on the completion is given by the bullish divergence on the hourly MACD.
A small double-bottom forming around $3.29 suggests a target at $3.48-1/4, the 38.2 percent retracement, which will only be confirmed when corn breaks $3.36-1/4. A more realistic target could be $3.41, the 23.6 percent level.