SINGAPORE: CBOT May corn may break a support at $5.53-1/4 per bushel and fall to $5.47-1/2, as suggested by its wave pattern and a retracement analysis.

The contract may be riding on a wave (b), the third wave of a three-wave cycle from the March 4 low of $5.29-1/4.

This wave may have ended slightly below $5.60-1/4. It will be reversed by a downward wave C.

A break above $5.60-1/4 could lead to a gain into the range of $5.65-1/4 to $5.72.

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