The range is formed by the 23.6 percent and the 38.2 percent projection levels of a presumed upward wave (c) from $3.71. A break above $3.78-3/4 could lead to a gain to $3.81-1/4. The break has a more significant indication that the wave (c) would extend to $3.83-1/2.
A break below $3.75-3/4 could cause a loss into the range of $3.71 to $3.73-3/4. Another projection analysis on the daily chart shows that corn remains sideways within a wider range of $3.75-1/2 to $3.80-3/4, formed by the 23.6 percent and the 38.2 percent projection levels of an upward wave C.
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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.