OREANDA-NEWS. February 04, 2015. CBOT March corn may retest resistance at \\$3.76-3/4 per bushel as its rebound from the Jan. 30 low of \\$3.65-3/4 has not completed.

The rebound consists of three waves. So far, only two waves have completed. The third wave labeled 'c' could have started, traveling towards \\$3.76-3/4, the 38.2 percent Fibonacci projection level of the downtrend from the Jan. 21 high of \\$3.92-1/2.

The trend may have just partially completed, as it is capable of extending to \\$3.51-1/2, the 100 percent projection level. As a result, the current rebound may end around \\$3.76-3/4.

A break below \\$3.67 could confirm the continuation of the downtrend towards \\$3.61, the 76.4 percent level.