CBOT corn may test resistance at $7.01-3/4
- A drop to $6.79 could make this wave count invalid, a bearish target of $6.67-1/2 will be established accordingly. On the daily chart, corn could be riding on an extended fifth wave.
SINGAPORE: CBOT corn may test a resistance at $7.01-3/4 per bushel, a break above which could lead to a gain to $7.32-1/2.
A five-wave cycle from the May 28 low of $6.51-1/4 has not completed. The wave 4 is unfolding around $6.82-3/4. This wave is expected to be reversed by the wave 5 which may start around $6.82-3/4.
A drop to $6.79 could make this wave count invalid, a bearish target of $6.67-1/2 will be established accordingly. On the daily chart, corn could be riding on an extended fifth wave.
The first part of this wave ended at $7.35-1/4. The third part, labelled 5-3, is developing rapidly towards this level. The wave count is bold enough to suggest an aggressive target of $9.10. Strategically, the realistic target is $7.35-1/4.
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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