- Corn has failed twice to break $7.01-3/4, it is highly likely to succeed this time, as the wave (3) has a fierce character.
SINGAPORE: CBOT corn may retest a resistance at $7.01-3/4 per bushel, with a good chance of breaking above this level and rising towards the $7.14-3/4 to $7.32-1/2 range.
The rise from $6.02-3/4 has adopted a five-wave mode. The contract is riding on a wave (3), the most powerful wave among the five waves.
Corn has failed twice to break $7.01-3/4, it is highly likely to succeed this time, as the wave (3) has a fierce character.
Support is at $6.82-3/4, a break below which could cause a fall limited to $6.67-/2. On the daily chart, corn could be riding on an extended wave 5, which is capable of travelling far above $7.35-1/4.
Five smaller waves make up the wave 5. A projection analysis on the current wave 5-3 reveals a conservative target of $8.19-3/4. An aggressive target would be $9.53-3/4.
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