- 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.
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