Corn May hit longer term Fibonacci resistance at 501/502 and as predicted topped exactlyt here. Yesterday we stated: *This should now mark the end of the 2 month rally*. We did bounce off good support at 480/479 as expected and return to 488/489 with a high for the day as predicted. Prices then collapsed to our target of 473/472 and bottomed exactly there. Today we are oversold short term so this support should hold the downside again. Look for a move back to 479/480 but maybe no higher. However above here we run in to resistance at 484 & in the unlikely event we continue higher use yesterday's high of 487/488 as a selling opportunity again today.
An unexpectedly break below 472 meets good support at 469/468. A low for the day is expected if seen, but longs need stops below 465. Next downside target and support is then 459/458.