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Re: May Corn/Plunges Again/At Next Support/Lee

Yes I assumed he meant if 618 failed 'clearly' it would suggest another 50% drop to 309. OR 618 means Fib 61.8%. Not sure. Don't understand it exactly.

As far as the importance of 608 which has been clearly marked on this chart ever since I 1st posted it, you can see 608 was the Nov high closing price that was cleared in Dec and successfully tested as support and one of the 5 tests of the same set ups of buying at a return to the previous breakout pt. So now price is coming back and these are support levels again. Adding to this support at 608 is the Fib 38.2% retracement pt of the June to March rally here as well. Also look at the Stochastics dropping below the 20 line like at the previous low pts. It does that when oversold and then tends to break back up over 20 with price rallying again. And the last support of 644 broke down and should now serve as resistance. So we have price trapped between 608 support and 644 resistance. At least that's what the 'good book' says and it does seem to work often enough.

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Re: May Corn/Plunges Again/At Next Support/Lee