SINGAPORE: CBOT September corn may revisit its Aug. 16 low of $4.68-1/2 per bushel, as it failed to break a resistance at $4.99-3/4.
The resistance is provided by the 100 percent Fibonacci projection level of an upward wave c, which is the final component wave of a wave (4).
The failure has confirmed the completion of the wave (4), which will be totally reversed by the current downward wave (5).
A rise above $4.99-3/4 will signal the extension of the wave (4) towards $5.08-1/2, the 50 percent Fibonacci retracement on the drop from the July 11 high of $5.63-1/2 to the Aug. 13 low of $4.53-3/4.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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