Exactly one year ago, in the segment titled "Back to basics," we discussed how the corn market was preparing for the next move higher and would use a gap on the charts at the time as a place for buy orders. The market ultimately continued higher until a peak was finally posted this summer. The peak also marks an important turning point as it was indicated by the well known head and shoulders formation (see "Head over heals"). That formation finally was confirmed in September with a break below the "neckline" shown on the chart as a dotted line.
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