A five-wave cycle that started from the Sept. 12 low of $6.37-1/4 has not completed, as the final component wave, the wave 5, is unfolding towards the Sept. 30 high of $6.94-3/4.
The upper channel line of a rising channel even points a higher target at $7.05, which will be available when the $6.94-3/4 level is surpassed.
A drop below $6.84 will caution bulls that wheat may revisit its Tuesday low of $6.72-1/2.
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.