SINGAPORE: CBOT March corn is neutral in a range of $5.95 to $6.14-1/2 per bushel and is biased to fall to the Nov. 25 low of $5.87.
A rebound from $5.87 could have completed, as it could be broken down into three waves, with the wave "c" having only traveled about 0.764 times the length of the wave "a", as indicated by a Fibonacci projection analysis.
The depth of the fall from the Nov. 30 high of $6.16 suggests a remote chance of an extension of the rebound.
Strategically, a fall below $5.95 will confirm the target at $5.87.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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