SINGAPORE: CBOT December corn is expected to rebound into a range of $6.41-$6.51 per bushel, as indicated by its wave pattern and a Fibonacci retracement analysis.
A five-wave cycle has been completed, and a rebound has started from the wave (5) trough at $5.72-1/4, towards a range formed by a 100 percent projection level of a wave "c", and the 38.2 percent Fibonacci retracement on the fall from $7.79 to $5.72-1/4.
Support is at $5.96-1/4, a fall below which will extend to $5.72-1/4.
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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