Corn Wave Analysis – 28 July, 2020

• Corn broke support level 322.50

• Likely to fall to 313.40

Corn recently broke the key support level 322.50 (low of the previous Morning Star from the middle of July, low of wave (i)).

The breakout of the support level 322.50 coincided with the breakout of the daily up channel from April and the 61.8% Fibonacci correction 4.

Corn is likely to fall further in the active impulse waves 5 and (iii) toward the next support level 313.40 (former monthly low from June).