SINGAPORE: CBOT corn may test a resistance at $7.01-3/4 per bushel, a break above which could lead to a gain to $7.32-1/2.

A five-wave cycle from the May 28 low of $6.51-1/4 has not completed. The wave 4 is unfolding around $6.82-3/4. This wave is expected to be reversed by the wave 5 which may start around $6.82-3/4.

A drop to $6.79 could make this wave count invalid, a bearish target of $6.67-1/2 will be established accordingly. On the daily chart, corn could be riding on an extended fifth wave.

The first part of this wave ended at $7.35-1/4. The third part, labelled 5-3, is developing rapidly towards this level. The wave count is bold enough to suggest an aggressive target of $9.10.Strategically, the realistic target is $7.35-1/4.

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