SINGAPORE: CBOT March corn may bounce more into a range of $6.57-1/2 to $6.61 per bushel, due to the completion of a five-wave cycle.
The cycle started around a key resistance at $6.85-1/4. Its fifth wave labelled 5 turned out be very short. The weakness of this wave tells an exhaustion of the steep fall.
The various projection levels on the downtrend from $7.04-3/4 still works well in marking a few resistances and supports.
A break below $6.53-3/4 may be followed by a drop to $6.49. On the daily chart, a spinning top formed on Thursday, which is regarded as an important date of reversal.
Despite a break below $6.57, market is prone to a bounce. A stabilization above this level for a few days would prove the break was false.
CBOT wheat may test resistance at $7.52-1/4