SINGAPORE: A bearish target at $5.66-1/2 per bushel is unchanged for CBOT Dec. wheat as it is still riding on downward wave (3)-3.
A Fibonacci projection analysis on the wave (3)-3 target points to $5.66-1/2, the 161.8 percent level, as this wave is expected to travel 1.618 times the length of the wave (3)-1.
A fall below $5.66-1/2 will extend to $5.49-1/4, the 100 percent Fibonacci projection level of a downward wave "3", based on the length of the wave "1" and the peak of the wave "2" at $6.02-1/2.
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.
Comments
Comments are closed for this article.