• Corn reversed from support area
• Likely to rise to 540.00
Corn recently reversed up from the support area lying between the support level 500.00, upper trendline of the daily up channel from August and the 38.2% Fibonacci retracement of the previous sharp upward impulse from December.
The upward reversal from this support area started the active impulse minor impulse wave 3.
Given the acceleration of the daily momentum – Corn is expected to rise further toward the next resistance level 540.00 (top of the previous impulse wave 1 from the start of January).