December 22' Corn

December 22 Corn - Weekly: From 2014-2020 Corn traded within a more definable market structure, 3.00-4.50(ish). During this time I would run previous years High to Low retracements on new crop contracts and place initial targets at retracements under 100% and hope to fill targets up to 127%. We are currently in the beginning stages of developing a new market structure where upside potential and downside risk is unmeasurable. So far we filled the 5.63 (141%) target, and close to the Primary target at 5.78.
The 5.50 area is tough Support/Resistance as the most volume has occurred at this price. Support is 5.14. Risk is 4.80-4.62