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SINGAPORE: CBOT March wheat is due for a correction as indicated by its wave pattern and a bearish divergence on the MACD indicator.
A five-wave cycle may have approached an end, with the surge on Thursday to $6.25-3/4 labeled as a wave "5".
The bearish divergence on the hourly MACD indicator strongly suggests the rise from the Dec. 16 low of $5.77-1/4 has become very exhausted.
An immediate target could be the presumed wave 4 trough of $6.11-1/2.
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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