CBOT corn may fall to $7.67-3/4
SINGAPORE: CBOT corn is poised to break a support at $7.75-3/4 per bushel, and fall to $7.67-3/4.
The sharp bounce triggered by this support is classified a pullback towards a rising trendline.
With the pullback having been almost reversed, a wave C from $8.10-1/4 may have resumed.
This wave could travel to $7.54-3/4 in its full capacity.
CBOT corn may test support at $7.75-3/4
A break above $7.82-1/2, however, will not only lead to a gain to $7.89 but also suggest a completion of this wave C.
On the daily chart, a five-wave cycle from $5.12-3/4 is believed to have ended at the April 29 high of $8.24-1/2.
The current correction could be extending towards the range of the wave (4) from $6.93-1/4 to $7.47.
The uptrend may extend, if the support at $7.70-3/4 holds.
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