Corn is following wheat higher and should be presumed capable of reaching 442 6/8 (basis December), the ‘D’ target shown in the chart. The midpoint resistance at 409 4/8 has been smashed, although pullback to that number would be a logical spot to board using a camouflage ABC pattern on the 3- or 5-minute chart. _____ UPDATE: The futures pulled back to as low as 407 after a fleeting spike to 438 6/8. It was possible to get long thereafter taking very little risk — on August 8 at 419 2/8 — but the ride would have been stopped out the next day with a small profit.
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