SINGAPORE: CBOT December wheat is likely to rebound more to $6.42 per bushel as it failed to fall to $6.05 on Tuesday.
It seems that a rebound from the Oct. 13 low of $6.05 has not completed. An upward wave "c" may push the price to $6.42, the 61.8 percent Fibonacci retracement on the fall from $6.65-1/4 to $6.05.
Only a fall below $6.05 could confirm the progress of a downward wave (3) towards $5.75, even though the drop from the Oct. 11 high of $6.65-1/4 has developed a small five-wave cycle.
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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