Corn Wave Analysis 7 October, 2020

• Corn rising inside impulse waves 3 and (3)

• Likely to rise to 393.00

Corn continues to rise inside the sharp upward impulse wave 3 – which reversed earlier from the key support level 380.00 (former powerful resistance from the middle of September).

The price previously broke above the major resistance level 385.00 (former multi-month resistance level from March).

Corn is likely to rise further toward the next resistance level 393.00 (monthly high from January) – the breakout of which will expose the next major high 400.00 for the testing.