SINGAPORE: CBOT corn may rise into a range of $6.95-1/2 to $6.98 per bushel, driven by a wave c. This wave is expected to be roughly equal to the preceding wave a, to travel to $6.95-1/2.
A further gain could signal the extension of the uptrend from $6.76-1/4.
The common gap forming on Monday was quickly covered. The indication is market remains in a consolidation phase, even though the rise from $6.76-1/4 was very sharp.
A break below $6.89-3/4 could open the way towards $6.84 to $6.88-1/4 range.
On the daily chart, the current rise could be a part of a double-top developing around $7.05.
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The rise may end below this level. A big corrective wave cycle from $7.66-1/4 looks incomplete, only two waves have unfolded.
The wave (C) is yet to develop. A break above $7.05 could lead to a gain into a wide range of $7.17-3/4 to $7.38-1/4 range.
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