• Corn broke daily up channel
• Likely to fall to 313.40
Corn continues to fall after the recent breakout of the support trendlines of the daily up channel from the end of April (which encloses the previous ABC correction 4).
The breakout of this up channel accelerated the active short-term impulse wave 5 – which belongs to the multi-month downward impulses sequence (3) from last October.
Corn is likely to fall further toward the next support level 313.40 (target for the completion of the active impulse wave (iii)).
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The following economic data events are worth paying attention to in the new week. Wednesday…
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