SINGAPORE: CBOT December corn may break a support at $3.49-1/2 per bushel and fall to the next support at $3.48, as suggested by its wave pattern and a Fibonacci projection analysis.
These supports are identified respectively as the 23.6 percent and the 14.6 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Aug. 31 low of $3.44-1/4.
The unexpected fall on Oct. 2 confirms the completion of the first part of the wave C. Three smaller waves make up the part. The second wave labelled b ended around $3.49-1/2. Wave theory suggests that this level may be approached.
Resistance is at $3.52-1/4, a break above which could lead to a gain to $3.54-1/4.
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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