SINGAPORE, Oct 7 (Reuters) - CBOT December corn <CZ0> may shoot up to $5.08-¼ per bushel, the wave "b" peak, as a consolidation between $4.87-¼ and $4.96-¼ may have ended.
Corn is characterized with its strong momentum when a trend is established such as a shallow retracement in an uptrend or a moderate rebound in a downtrend.
A possible inverted head-and-shoulders pattern is developing, with a neckline at $4.96-1/4. A rise above that would lead to bullish target of $5.38.
A fall from the current level may be limited to $4.80.