SINGAPORE: CBOT December wheat still targets $5.66 per bushel as it has broken a support at $5.83-3/4.
The support was provided by the 23.6 percent retracement of the uptrend from $4.90 to $6.13. The next support will be at $5.66.
A long-shadowed shooting star forming on Aug. 2 signals a completion of the uptrend from $4.90. The black candle appearing on Aug. 3 makes this shooting star more effective.
The uptrend has been driven by a wave C, the third wave of a three-wave cycle from $4.68-1/4. This wave seems to have peaked around a key resistance at $6.09-3/4, its 100 percent projection level, as indicated by its five-wave structure.
Resistance is at $5.83-3/4, a break above which could lead to a gain limited to $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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