SINGAPORE: CBOT July corn may revisit its May 3 low of $5.69-1/4 per bushel, as it is about to fall below a bearish wedge. The wedge appeared after a deep drop. It is defined as a bearish continuation pattern, to be followed by another round of fall.

Estimated target would be $5.10.

This aggressive target looks too far away to be realistic.

The proper target zone will be from $5.57-1/4 to $5.63-3/4, which will become available when corn drops below $5.69-1/4.

Resistance is at $5.83-1/4, a break above which could lead to a gain to $5.90-1/4.

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On the daily chart, a projection analysis on a wave C from $6.77-1/2 marks a consolidation range of $5.70-1/4 to $6.00-3/4.

With corn approaching $5.70-1/4, the consolidation within the range could be ending.

The downtrend is expected to remain steadier after this consolidation.