SINGAPORE: CBOT December corn is expected to fall back to the previous trading session's low of $6.31-1/2 per bushel, as a sharp rise from this level has not violated a short-term downtrend.
The downtrend started from the Oct. 21 high of $6.65-1/2, and has only completed the first leg, labelled as a wave "a".
The current rebound is presumed as a wave "b", so long as it stays below $6.65-1/2, and a downward wave "c", the second downward leg, could have started towards the wave "a" trough of $6.31/2.
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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