CBOT March corn may rise into a range of $3.82-3/4 to $3.85 per bushel, as suggested by its wave pattern and a projection analysis.
The contract is riding on a wave (c), the third wave of a bigger wave C from $3.67-1/4. These waves are a part of a bigger uptrend from $3.54-3/4.
The first part of the wave C, which is labelled (a), consists of five smaller waves. This five-wave structure is a powerful indication on the following rise towards $3.93. After the deep correction from the Jan. 8 high of $3.84-1/2, the wave C seems to have resumed.
On the daily chart, two trend lines are converging to a point. The coming rise is expected to be very sharp.
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