SINGAPORE: CBOT corn may break a resistance at $7.26-1/4 per bushel, and rise into a zone of $7.38 to $7.49-1/2.

The contract is riding on a powerful wave iii, the third wave of a bigger wave 5 from $6.39. This wave iii has a fierce character.

It could easily break resistances ahead. A rising trendline suggests a target of this wave around $7.68-1/2.

This wave is unlikely to be disrupted by any decent corrections. A correction from the current level may be limited to a support at $7.07-1/2.

On the daily chart, the uptrend from $5.18-1/4 consists of many smaller waves. A five-wave cycle from $5.52-3/4 is still developing.

Given that corn has surged into a territory defined by many uncommon projection levels, it is really a big challenge to predict the top.

The best choice is to wait until the first black candlestick appears.

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