SINGAPORE: CBOT March corn may retest resistance at $3.76-3/4 per bushel as its rebound from the Jan. 30 low of $3.65-3/4 has not completed.
The rebound consists of three waves. So far, only two waves have completed. The third wave labeled 'c' could have started, traveling towards $3.76-3/4, the 38.2 percent Fibonacci projection level of the downtrend from the Jan. 21 high of $3.92-1/2.
The trend may have just partially completed, as it is capable of extending to $3.51-1/2, the 100 percent projection level. As a result, the current rebound may end around $3.76-3/4.
A break below $3.67 could confirm the continuation of the downtrend towards $3.61, the 76.4 percent level.
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