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CBOT corn to revisit a low of $6.39-1/2

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The retracement will develop a total of three waves, labelled "a-b-c", to make up a flat pattern. The rebound from $6.39-1/2 is considered as a wave "b", to be followed by a downward wave "c", with a target at the wave "a" trough.

Resistance is at $6.64-1/4, a break above which will trigger a further gain to $6.75.

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Copyright Reuters, 2012