The contract seems to be riding on a wave a, the fifth wave of a double-zigzag developing from $4.68-3/4. This wave is expected to travel below $4.13-1/4.

A retracement analysis on the fall from $4.68-3/4 to $4.13-1/4 reveals a resistance at $4.34-1/4, the 38.2% level, a break above which could lead to a gain into the range of $4.41 to $4.47-1/2.

On the daily chart, a head-and-shoulders could be developing. It will be confirmed when corn breaks $4.10-1/2, the 50% retracement of the uptrend from $3.52-1/2 to $4.68-3/4. This pattern will be unlikely to become valid should corn refuse to fall below $4.24-1/4.

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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **