SINGAPORE: CBOT corn may break a resistance $5.81-1/2 per bushel and rise towards $5.90. The contract is riding on a powerful wave (3), which has briefly travelled above its 138.2% projection level of $5.81-1/2. It has a better chance of extending to $5.90.
Another projection analysis on the wave C from $5.06-3/4 reveals a similar target of $5.89-1/4. Support is at $5.76-1/2, a break below which could cause a fall into $5.68-1/4 to $5.73-1/4 range.
On the daily chart, corn has broken a resistance of $5.76-1/2 and a falling trendline. The break opened the way towards $5.94-1/4.
In the meantime, the break has confirmed a bullish wedge, which indicates a more bullish target of $6.50. Strategically, this target still looks far away and unrealistic. It serves to inspire bulls to a bigger success.