The support was provided by the 38.2 percent projection level of a wave C from $3.67-1/4. This wave could have ended at the Dec. 14 high of $3.87-1/2. Its final part has been shaped into a rising wedge, which is a typical reversal pattern.

In addition, the wave C could be broken down into five smaller waves, with a failed fifth wave labelled 5. Such a structure also suggests the completion of the wave C.

The wedge will turn out to be a bullish continuation pattern, if corn breaks $3.89-1/4. The break could lead to a gain to $4.03.

A retracement analysis on the daily chart reveals that corn still faces a strong resistance at $3.86, the 38.2 percent level on the downtrend from $4.37 to $3.54-3/4. It is likely to fall to $3.74.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.