The gain from the May 22 low of $3.86-1/4 may have been driven by a failed fifth wave labeled 5, which peaked around the previous wave 3 top at $3.99.
Based on this wave count, corn is expected to break $3.87 and fall to $3.82-1/2.
The pattern from $3.99 looks like a double-top, which will be confirmed when corn breaks $3.87, the 50pc projection level of the uptrend from $3.68-1/2.
The double-top suggests a target at $3.73-3/4.
Alternatively, the wave 5 could be classified as a wave b, the second wave of a flat developing from $3.99.
Under this scenario, corn may break the resistance at $3.96-3/4 and rise to $4.05-1/2.
A retracement analysis on the downtrend from $4.45 to $3.43 on the daily chart indicates a downside bias, as corn failed to break a resistance at $3.94, the 50pc level.
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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.