The range is formed by the 50 percent and the 76.4 percent retracements of the uptrend from $3.67-1/4 to $3.87-3/4. The downtrend from $3.87-3/4 may develop into a double-zigzag, which has seven waves in total.
The fourth wave labelled (x) may have ended around $3.82-3/4. Based on this wave count, corn is biased to fall into the range of $3.72-$3.75. Strategically, this target zone will be available when corn breaks $3.77-1/2.
A break above $3.82-3/4 could lead to a gain to $3.87-3/4.
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** 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.