SINGAPORE: CBOT corn may retest a resistance at $5.26 per bushel, a break above which could lead to a gain to $5.29-3/4.

The bounce triggered by the support at $5.19-1/4 may consist of three small waves. The wave b is ending around $5.21, which will be reversed by an upward wave c.

This wave c is capable of travelling to $5.32-1/2, if it turns out to be equal to the wave a. A break below $5.21-3/4 could cause a fall into $5.15-1/4 to $5.19-1/4 range.

On the daily chart, a projection analysis suggests a higher target of $5.33-1/2. The longer corn hovers above $5.19-1/4 and higher it bounces, the more likely it will climb above the wedge.

A break below $5.19-1/4 could confirm the continuation of a downward wave c towards $4.73.

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