These supports are identified respectively as the 50 percent and the 38.2 percent projection levels of an upward wave C from $3.72.
The depth of the drop from the April 9 high of $3.92-1/2 signals a completion of this wave. The drop consists of three waves. The third wave labelled c is unfolding towards $3.81-3/4, its 100 percent projection level.
Once corn falls to $3.81-3/4, it is likely to extend a bit further to $3.80-3/4. Resistance is at $3.86-1/4, a break above which may lead to a gain to $3.89-1/4.
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