SINGAPORE: CBOT May wheat may break a support at $4.61-1/2 per bushel and fall to the next support at $4.55-1/2, as suggested by its wave pattern and a Fibonacci ratio analysis.
The first support is at the 61.8 percent retracement of the uptrend from $4.41-1/2 to $4.94, while the second one is at the 38.2 percent projection level of a downward wave C from $4.94.
Wave pattern shows that a five-wave cycle from $4.83-1/4 has not completed. The bounce triggered by the support at $4.61-1/2 is driven by the fourth wave, labelled 4. The fifth wave, labelled 5 may start around $4.67-3/4.
A break above $4.67-3/4 may lead to a gain to $4.75-3/4.
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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