CBOT corn may resume uptrend
- Only after a top pattern forms could the trend reversal be confirmed.
SINGAPORE: CBOT May corn may resume its uptrend, as it has completed a correction from the April 27 high of $7.20-1/2 per bushel.
The correction adopted a flat pattern, which consists of three waves that are roughly equal in length. They make up a bigger wave iv, which will be reversed by an upward wave v.
A break below $6.76-1/4 could open the way towards $6.49. On the daily chart, the uptrend remains steady.
The two long-shadowed candlesticks on Tuesday and Wednesday only suggest the formation of a temporary top.
Only after a top pattern forms could the trend reversal be confirmed.
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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