Corn Wave Analysis – 17 June, 2020

• Corn reversed from resistance area

• Likely to fall to 317.00

Corn recently reversed down from the resistance area lying between the key resistance level 334,00 (former support from the middle of March), upper daily Bollinger Band and the 38,2% Fibonacci correction of the downward impulse from March.

The downward reversal from this the resistance area continues the active short-term impulse wave 5 – which belongs to wave (3) from last October. Corn is likely to fall further toward the next support level 317.00 (former support from May).