Follow-up on the “Rising Wedge” of corn

A few days ago we identified a Rising Wedge formation on the daily chart of corn and we said that it would probably take it a few more days before breaking to the downside. However, today we see that the price has broken below the lower trendline of the rising wedge and the bearish momentum may accelerate from this point on. The target of the rising wedge is the lowest level of the formation, meaning the low at the 345.54 level. Even though the price may do some retracements along the way, it is possible for the price to reach that level. If the price goes back inside the formation, then the pattern will be invalidated and the 399.50 level could act as resistance.