SINGAPORE: CBOT Dec. wheat will revisit Monday's high of $6.22 per bushel, as a temporary bottom has formed around $6.09.
The contract is riding on an upward wave "c", which will complete a rebound that started at the Nov. 11 low of $6.09-1/2.
The fall from $6.54-1/2 to $6.09-1/2 has adopted a five-wave mode, indicating the wave "c" rebound may be capped at $6.22, the presumed wave "a" peak.
Support is at $6.09-1/2, a break below which will confirm the resumption of a preceding downtrend, with a target at $5.95.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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