Corn Wave Analysis – 16 January, 2020

• Corn reversed from resistance area
• Likely to fall to 370.00

Corn recently reversed down from the resistance area lying between the multi-month resistance level 390.00 (which has been reversing the price from October), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from July.

The downward reversal from this resistance area stopped the previous impulse wave 1 from the end of November.

Corn is likely to fall further toward the next support level 370.00 (low of the previous correction (ii) from December).