Corn

Haven't posted corn charts in a couple of days but this market seem to me on fire.
Based on structure, my interpretation is that this market indeed made an important tradable bottom at the 302 L.
I believe structure is in the process of completing minor 5 of intermediate (3) of primary [A]. It is unclear if 5 has finished or not. It may need an additional leg higher, but appears complete to me.
Once 5 finishes, if not already, we should see an intermediate degree corrective.
The 38.2% retracement of (1) sits at 374. This is right in the middle of the 4th of lessor degree.
Notice that we have broken out from the channel, suggesting that the move off the 707 H has indeed completed. Also notice that price blew right through the 200 sma.
The critical level to watch is the price extreme of (1), which is 347.60. Should this retracement trade through that level, then something is obviously wrong.
Bottom line - I am expecting a retracement process for the upcoming week, assuming 5 has finished. Be on the alert for a triangle or some type of complex pattern due to the form that (2) took.