CBOT wheat to fall to $5.66-1/2 a bushel

SINGAPORE: CBOT Dec. wheat will fall to $5.66-1/2 per bushel as a downward wave (3)-3 is unfolding.

This wave is expected to travel 1.618 times the length of the wave (3)-1, to arrive at the 161.8 percent Fibonacci projection level.

The downside will not be limited to $5.66-1/2, as a bearish flag pattern has been confirmed, pointing to an aggressive target at $5.49-1/4.

A rebound from the current level will be limited to $5.85.

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