CBOT corn may retest support at $5.27-1/4

SINGAPORE, Sept 9 (Reuters) - CBOT December corn CZ26 may retest support at $5.27-1/4 per bushel, a break below which could trigger a fall toward $5.21-1/2.

The drop from $5.49-3/4 consists of three waves. The current wave c is expected to be as long as wave a, to travel to $5.21-1/2.

Resistance is at $5.33-1/2, a break above which may lead to a gain into the $5.36-1/4 to $5.39-3/4 range. On the daily chart, the current drop is riding on wave 4, the fourth wave of a five-wave cycle from $4.57-1/4.

This wave, upon its completion, will be followed by an upward wave 5, to complete the whole cycle.