Corn to drop to $6.11/bushel

SINGAPORE: CBOT May corn will fall to $6.11 per bushel, as indicated its wave pattern and a Fibonacci projection analysis.

Driven by a downward wave 3, corn is progressing towards $6.11, the 100 percent Fibonacci projection level, based on the length of the wave 1 and the peak of the wave 2 at $6.44-1/2.

A rebound will be limited to $6.27.

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.