SINGAPORE: CBOT March corn will fall back to the Jan. 5 low of $6.39-1/2 per bushel as a retracement from the Jan. 3 high of $6.64-1/4 has only partially completed.
The retracement will develop a total of three waves, labelled "a-b-c", to make up a flat pattern. The rebound from $6.39-1/2 is considered as a wave "b", to be followed by a downward wave "c", with a target at the wave "a" trough.
Resistance is at $6.64-1/4, a break above which will trigger a further gain to $6.75.
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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