SINGAPORE: CBOT Dec. wheat will fall to Tuesday's low of $6.12-1/4 per bushel, as a rebound from this level has been completed.
Labeled as a wave (3)-2, the rebound has peaked about $6.32, the 50 percent Fibonacci retracement on the fall from $6.54-1/2 to $6.09-1/2.
A fierce downward wave (3)-3 could have started, capable of traveling below $6.09-1/2, the trough of the wave (3)-1.
A resistance is at $6.37-1/4, a rise above which will be capped at $6.37-1/4, the 61.8 percent Fibonacci retracement.
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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