CBOT corn may bounce to $7.19-1/4 before falling
- A break above $7.19-1/4 could lead to a gain into $7.30-3/4 to $7.38 range.
SINGAPORE: CBOT corn may bounce moderately to $7.19-1/4 per bushel and then resume its fall towards $6.88-3/4.
The drop from the May 7 high of $7.35-1/4 suggests the completion of a wave (3), which will be further reversed by the current wave (4).
This wave (4) seems to have observed a set of projection levels on the rise from $5.71-1/2.
The support zone of $7.00-1/4 to $7.07-1/2 may stop the fall for a while and trigger a bounce.
A break above $7.19-1/4 could lead to a gain into $7.30-3/4 to $7.38 range.
Wave labelling on the daily chart is a bit different from that on the hourly chart. But it means the same thing.
The current wave (iv) is expected to be shallow, probably limited to $6.82-1/2.
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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