SINGAPORE: CBOT corn may test a support at $3.65-1/4 per bushel, a break below which could cause a fall to $3.61-1/2.

A five-wave cycle from $3.20 has completed.

The drop from the Sept. 18 high of $3.79-1/4 consists of three waves. So far, only two waves have unfolded.

The third wave, labeled c, is traveling towards $3.61-1/2, the 100% projection level of the uptrend from $3.35-1/2.

A retracement analysis on the rise from $3.20 to $3.79-1/4 reveals a lower target of $3.56-1/2, the 38.2% level.

Resistance is at $3.71-1/4, a break above which could lead to a gain to $3.74-1/2.