SINGAPORE: CBOT corn still targets a range of $7.58-1/2 to $7.66-3/4 per bushel, following a break below a key support at $7.79-3/4.
The support is identified as the 100% projection level of a downward wave c from $8.13-3/4.
This wave has a better chance of extending towards $7.66-3/4 or $7.58-1/2 range.
A break above $7.79-3/4, now a resistance, may lead to a gain into a resistance zone of $7.84-1/4 to $7.87-3/4.
A further rise above this zone may signal a reversal of the downtrend.
On the daily chart, the uptrend from $6.95-1/2 has reversed.
The trend seems to have been driven by a wave (5), the final wave of the uptrend from $5.12-3/4.
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This wave count indicates a deep drop towards $6.95-1/2. However, this wave (5) may extend also, if corn ends its correction high above $6.95-1/2.
A further development of the chart is needed to review this possibility.