CBOT corn may fall to $3.17-1/4

• The support is identified as the 38.2pc retracement of the uptrend from $3.09-1/4 to $3.25-1/2.
• The trend has reversed, as confirmed by its five-wave structure and deep fall from $3.25-1/2.

SINGAPORE: CBOT July corn may fall to $3.17-1/4 per bushel, as it has more or less cleared a support at $3.19-1/4.

The support is identified as the 38.2pc retracement of the uptrend from $3.09-1/4 to $3.25-1/2.

The trend has reversed, as confirmed by its five-wave structure and deep fall from $3.25-1/2.

A rising trendline indicates that a decent bounce may not occur until corn drops to $3.17-1/4. A rise above $3.20 may be extended to $3.21-1/2.

On the daily chart, the contract failed again to break a resistance at $3.24-1/4, the 100pc projection level of a downward wave C from $4.20. This wave may have resumed towards $3.10-1/4.