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The support was provided by the 38.2 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle from the June 8 high of $5.51-1/2. The next support will be at $4.16.
Strategically, the target will be confirmed when wheat breaks the immediate support at $4.26-1/2, the Aug. 2 low. A sudden surge above $4.29-1/2 could signal that the break below this level was false, and the target at $4.16 has to be aborted.