SINGAPORE: CBOT March corn will fall to $6.06-1/2 per bushel as a five-wave cycle has completed on the rise from $5.76-1/4 to $6.25.
The surge from an hourly chart low of $6.11-1/2 on Thursday failed to break a resistance at $6.26-1/4, the 50 percent Fibonacci retracement on the fall from $6.76-1/4 to $5.76-1/4.
Both the immediate drop from $6.25 and the bearish divergence on the MACD indicator suggest the current rebound is exhausted, and a wave "5" could have peaked.
A Fibonacci retracement analysis on the rise from $5.76-1/4 to $6.25 reveals a target at $6.06-1/2, the 38.2 percent level, a break below which will trigger a further loss to $6.00-1/2.
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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