CBOT corn may retest resistance at $5.43

SINGAPORE, Sept. 16 (Reuters) - CBOT December corn CZ26 may retest a resistance at $5.43 per bushel, a break above which could lead to a gain into the $5.48-3/4 to $5.52-1/4 range.

The market is presumed to be riding on a wave (5), the fifth wave of a five-wave cycle from $4.57-1/2. This wave is capable of travelling above the peak of the wave (3) at $5.49-3/4.

Immediate support is at $5.33-3/4, a break below which could trigger a fall into the $5.28 to $5.30-3/4 range. Such a fall would make the current bullish wave count doubtful.

On the daily chart, the contract seems to be slowly recovering from a drop to the Sept. 11 low of $5.23-1/4. The uptrend from $4.57-1/4 is assumed to have resumed.

Only a break below $5.23-1/2 could signal an extension of the correction from $5.49-3/4.