Technicals-CBOT corn may test resistance at $5.33-1/2

SINGAPORE, Sept. 14 (Reuters) - CBOT December corn CZ26 may test a resistance at $5.33-1/2 per bushel, a break above which may lead to a gain toward $5.42-1/4.

A correction from $5.49-3/4 is assumed to have ended around a support at $5.25. The correction might have been driven by a wave (4), the fourth wave of a five-wave cycle from $4.57-1/2.

The upward wave (5) could have started, capable of travelling above $5.49-3/4. A break below $5.25 would invalidate this wave count. A bearish target range of $5.18-1/4 to $5.21-1/2 would be established accordingly.

On the daily chart, the long-shadowed spinning top on Sept. 11 is considered a reversal pattern, signalling the completion of the drop from $5.49-3/4.

A break below $5.23-1/2 would confirm an extension of the short downtrend from $5.49-3/4, toward the $5.08 to $5.14-1/2 range.