CBOT corn may fall into $7.33-1/2 to $7.41-1/2 range

SINGAPORE: CBOT corn may break a support at $7.46-1/2 per bushel, and fall into $7.33-1/2 to $7.41-1/2 range.

The deep drop on Tuesday confirmed the extension of a wave C from $8.10-1/4.

This wave may travel into a range of $7.20-1/4 to $7.33-1/2.

The moderate bounce triggered by the support at $7.46-1/2 seems to have ended around $7.54-3/4.

The wave C may have resumed.

CBOT corn may retest resistance at $7.78-1/2

A break above $7.54-3/4 could lead to a gain to $7.62-1/4.

On the daily chart, the fall seems to be accelerating towards $6.95-1/2, the bottom of a wave (4).

The fall observes a set of projection levels on the uptrend from $5.84-3/4.

Immediate target is $7.43, a break below which may be followed by a drop to $7.30-1/2.