CBOT March corn may fall to $3.71-1/4

• The support is identified as the 61.8pc projection level of a downward wave c from $3.86.
• The 86.4pc retracement on the uptrend from $3.65-3/4 to $4.11-3/4.

SINGAPORE: CBOT March corn may fall to $3.71-1/4 per bushel, as it has broken a support at $3.74-1/4.

The support is identified as the 61.8pc projection level of a downward wave c from $3.86.

This is the third wave of a presumed three-wave cycle from $4.00.

Strengthening the support is another one at $3.72, the 86.4pc retracement on the uptrend from $3.65-3/4 to $4.11-3/4. A moderate bounce may occur around these supports.

Eventually, corn could fall to $3.67, which is suggested by a pennant as well. A break above $3.74-1/4, now a resistance, may lead to a gain limited to $3.76-1/2.