SINGAPORE: CBOT wheat may drop into a range of $8.78-1/2 to $8.93-1/2 per bushel, as suggested by its wave pattern and a projection analysis.
A wave C from $8.54-1/4 has completed around a resistance at $9.43-1/4, as suggested by its structure and the deep drop from the Sept. 30 high of $9.45-3/4.
An alternative wave count indicates a reversal of the uptrend from $7.43-1/4.
Wheat may fall towards the bottom of the wave (4) at $8.54-1/4.
Resistance is at $9.18, a break above may lead to a gain to $9.33.
On the daily chart, wheat failed to break a resistance zone of $9.49 to $9.54.
The failure has triggered a correction towards $8.70-1/4.
A break above the resistance zone will open the way towards $10.12-1/2 to $10.76 range.