The fall from the June 17 high of $4.64-1/4 consists of three waves. So far, only two have unfolded. The third wave labelled c is developing. It is likely to travel below the bottom of the wave a around $4.44-1/2 and then extend towards $4.30-1/2.
A break above $4.55-3/4 could lead to a gain to $4.66-3/4. However, a further gain could confirm the continuation of the uptrend towards $4.80-3/4, the 76.4% projection level of an upward wave C from $4.08-1/4.
On the first month continuous chart, corn failed to break a resistance at $4.61-3/4, the 114.6% projection level of an upward wave (C). The bearish divergence on the daily RSI indicates a slim chance of the contract to retest this resistance over the next few days.
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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. **