CBOT corn may revisit Oct 7 low of $6.71-1/2

SINGAPORE: CBOT corn may revisit its Oct. 7 low of $6.71-1/2 per bushel, where a wave c started.

This wave has been so much reversed that it could hardly extend.

A short trendline is about to be broken, adding more bearish indication to the following move. From a longer perspective, the current fall could be due to the completion of a five-wave cycle from $5.61-3/4.

Under this assumption, corn may fall to $6.51.

Resistance is at $6.84-3/4, a break above which could lead to a gain into $6.88-3/4 to $6.92-3/4 range.

On the daily chart, the contract observes two sets of retracements, on the falls respectively from $7.66-1/4 and from $7.49-1/4.

CBOT corn may fall into $6.71-1/2 to $6.79-1/2 range

After breaking $6.88, corn is falling towards $6.77-1/2, a break below which may open the way towards $6.64.

The current fall looks like a continuation of the downtrend from $7.66-1/4.

Driven by a wave (C), the fall may extend to $5.61-3/4 in due course.