The cmdty National Corn Price Index (NCPI, weighted national average cash price) remains in a major (long-term) uptrend on its monthly chart, extending this move to a high of $3.99 during October. However, last week’s activity saw the NCPI establish a bearish key reversal on its weekly chart indicating the secondary (intermediate-term) trend has turned down. Assuming the NCPI is in a major 5-wave uptrend, the coming secondary downtrend would be viewed as a Wave 4 selloff with a target area between $3.51 and $3.36. A strict observation of Elliott Wave rules would tell us the Wave 4 low needs to be above the Wave 1 peak of $3.30 posted during July 2020. That would suggest the NCPI could test the lower end of its target range before the secondary downtrend comes to an end.