SINGAPORE: CBOT December wheat is expected to end the current weak rebound at about $6.06-3/4, and to fall to the Nov. 18 low of $5.86-1/2 per bushel.
Following the completion of a small five-wave cycle on the decline from $6.39-3/4 to $5.86-1/2, a rebound is progressing towards the 38.2 percent Fibonacci retracement.
However, a downtrend that started from the Nov. 8 high of $6.59-1/4 is steady, as the five-wave cycle only completed the first part of a fierce wave (3)-3.
This wave will eventually travel to $5.66-1/2, the 161.8 percent Fibonacci projection level, based on the length of the wave (3)-1, and the peak of the wave (3)-2 at $6.39-3/4.
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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