Simon, I think you are right about corn not having made a low from this down move that started over 48 hours ago.

Below we have the same 4hrs chart posted before but I took the retrace lines off and cleaned it up a bit.-

In the chart you see that Corn has tested and bounced from 596 S/R. I think that corn still has more to the down side, at list a re-test of 596. Failure at 596 will target 581 as next support. Notice that in this 4 hour chart, the stochastic is still on "sell mode" and momentum isolator is now below the 0 line. (Daily stoch is on sell mode also") - Once the price finds support the isolators should be turning upwards with the stochastic giving a buy signal and momentum isolator moving above the 0 line.
I'm a neophyte when it comes to E.W. counts but these down move could be a wave B down and will start wave C up after finding support, or this is wave 2 down and wave three up is next.
The only thing that will void wave two down scenario is if the price was to print below 572. -- I think we still have another 24 trading hours to go till corn creates a base down here.

Will see, the market always has the last word and in due time will show us the way.

g

“Don't wait until everything is just right. It will never be perfect. There will always be challenges, obstacles and less than perfect conditions. So what. Get started now. With each step you take, you will grow stronger and stronger, more and more skilled, more and more self-confident and more and more successful.” .- Anon.