The correction was triggered by the 176.4 percent Fibonacci projection level of an upward wave C from $3.64-1/4. Three waves may make up the correction. So far, only two waves have completed. The third wave labelled c is yet to develop.
On the daily chart, a retracement analysis on the downtrend from $4.30 to $3.53-3/4 reveals that a strong resistance at $3.92, the 50 percent level, is also responsible for the correction.
This resistance may force corn to retrace towards $3.82-3/4. A break above $3.91-1/4 (first chart) could lead to a gain to limited to $3.93-3/4.
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