Corn has hit our long term target area of 510.00 to 520.00, this is 38.2% back to the all-time high and a major Gann square. Just like the Soybeans and Wheat we have been saying since last fall that we think this can be a multi-year rally and that this long term target could stop the rally for the time being, or even cause a good setback.
On any break from this area the first target will be 38.2% of the current rally at 436.00, this is also the level that has to hold to keep the long term trend positive. It would also put it back on top of the November, December highs.
Any break from such an important level, that could only go 23.6% of the rally at 470.00 would be an extremely positive sign.
With a couple close's above the 520.00 major Gann square the next long term target will be the area of 640.00 to 650.00, this 61.8% back to the ATH and a major Gann square and 510.00 will become the long term swing point. Before 640.00 you can use each of the major Gann squares at 555.75,588.75 and 620.25 as short term swing points, once they close above them.
The rally in Wheat continues and unlike the Soybeans and Corn they have not hit their long term target up at 730.00. You can use the 648.00 major Gann square as the short term swing point, as long as it stays above it, look for the 712.00 major Gann square.
With a solid close back below 648.00 look for the long term swing point at 585.00, this is a major Gann square and would put back on the highs in 2018 and 2020. This area was also 23.6% back to the all-time high and 38.2% back to the 2012 high.