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These resistances are identified respectively as the 38.2 percent and the 50 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Aug. 31 low of $3.14-3/4.
This wave may consist of five smaller waves. The most powerful wave 3 is driving corn towards its minimum target at $3.62-3/4. Support is at $3.45-3/4, a break below which could cause a loss to $3.41-3/4.