SINGAPORE: CBOT corn December may test a resistance at $5.84-1/2 per bushel, a break above could lead to a gain to $6.01-1/4.

The rise from $5.17-1/2 consists of five waves. So far, only four waves have unfolded.

The fifth wave labelled (5) is yet to travel towards $6.12-1/2.

The wave (4) appears to be ending above $5.71-1/4, which will be reversed by the wave (5). Support is at $5.71-1/4, a break below could cause a fall to $5.57-3/4.

On the daily chart, the contract seems be riding on a wave V, which is expected to travel above the peak of the wave III at $6.38, the May 7 high.

The consolidation from this high has been shaped into a bullish wedge, which will be confirmed when corn breaks the uptrend line resistance around $6.20.

A break below $5.75-1/2 will not only cause a fall into the range of $5.43 to $5.59-1/4, but also suggest an extension of the consolidation.

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