SINGAPORE: CBOT March wheat will fall to $6.32 per bushel, as it has completed a rebound from the Jan. 18 low of $5.90. Chances are high for the rebound to have completed, because it might be possible for the contract to consolidate within a big triangle over the next few trading sessions.
The rebound has adopted a double-zigzag model, with the second wave "c" having peaked around $6.61, the 76.4 percent Fibonacci projection of a bigger wave "C", based on the length of the preceding wave "A" and the trough of the wave "B" at $5.90.
A Fibonacci retracement analysis on the rise from $5.90 to $6.59-1/4 reveals a target at $6.32, the 38.2 percent level.
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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