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SINGAPORE: CBOT corn may fall into a range of $6.60-1/2 to $6.62-1/2 per bushel, driven by a wave (c) from $6.88-1/4.
This wave has travelled far below its 100% projection level of $6.69-3/4.
It has a better chance of extending into $6.58-1/4 to $6.62-1/2 range.
The wave (c) is a part of a bigger wave C from $6.99 which could extend into a lower range of $6.46-1/4 to $6.54, as it has travelled below its 100 projection level of $6.66-1/2.
Resistance is at $6.67, a break above which could lead to a gain into the $6.68-1/4 to $6.69-3/4 range.
On the daily chart, the downtrend from $7.66-1/4 may have resumed, which is riding on a wave (C) that could travel far below $5.61-3/4.
A realistic target could be either $6.55-1/2 or $6.39-3/4.
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