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The support and the resistance are provided respectively by the 38.2 percent and the 61.8 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the Aug. 12 low of $3.22-1/2.
In addition to its failure to overcome the barrier at $3.44-1/2, corn has started a correction, which has extended below the support at $3.42-1/2, the 50 percent level. The next support will be at $3.40-1/2.
A break above $3.42-1/2, now a resistance, could lead to a gain to $3.44-1/2.