SINGAPORE: CBOT May corn may resume its uptrend, as it has completed a correction from the April 27 high of $7.20-1/2 per bushel.

The correction adopted a flat pattern, which consists of three waves that are roughly equal in length. They make up a bigger wave iv, which will be reversed by an upward wave v.

A break below $6.76-1/4 could open the way towards $6.49. On the daily chart, the uptrend remains steady.

The two long-shadowed candlesticks on Tuesday and Wednesday only suggest the formation of a temporary top.

Only after a top pattern forms could the trend reversal be confirmed.

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