SINGAPORE: CBOT March corn may test a resistance at $4.87-1/2 per bushel, a break above which could lead to a gain to $4.91-1/2.

The correction from the Monday high of $4.97-3/4 has not completed.

It may consist of three waves. The current wave b is expected to travel into the range of $4.87-1/2 to $4.91-1/2, formed by the 638.2% and the 676.4% projection levels of the wave 3.

The third wave labeled c would start in the zone, to reverse the wave b. A break below $4.83-1/2 may cause a fall into $4.75-1/4 to $4.79-1/4.

On the daily chart, The long-shadowed doji forming on Monday signals the formation of a temporary peak around $4.95-1/4.

Over the next few days, the contract may retreat towards $4.74-1/4, the 186.4% projection level of an uptrend from $3.69.

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