SINGAPORE: CBOT December corn will fall to $6.37-1/2 per bushel, as a downtrend that started at the Oct. 21 high of $6.65-1/2 has resumed.
The downtrend has been structured in three waves, labelled as "a-b-c", and the wave "c" is progressing towards $6.37-1/2, the 61.8 percent projection level, based on the length of the wave "a" and the peak of the wave "b" at $6.57-1/2.
The downside could be extended to $6.25, a 100 percent projection level, as the wave "c" is expected to travel the same length as the wave "a", subject to a break below the support at $6.37-1/2.
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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