SINGAPORE: CBOT March corn may rise into a range of $5.04-1/2 to $5.08-1/2 per bushel, as it has resumed its uptrend.

The sharp correction on Monday was quickly reversed. The reversal signals a very bullish sentiment. The bulls became wild.

A set of projection levels on the uptrend from $4.20-1/2 still works well. The ratios, however, are unbelievably exceptional.

The nearest resistance is at $5.04-1/2, the 800% level, which looks vulnerable and may be broken soon. Support is at $4.98, a break below which could cause a fall to $4.94.

On the daily chart, the contract seems to be surging towards $5.16-3/4, the 261.8% projection level of an uptrend from $3.69. Wave pattern suggests the progress of an extended wave 5, which shows no sign of completion yet.

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