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CBOT wheat to revisit a low of $5.72-1/4

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The rebound was triggered by a support at $5.72, the 138.2 percent Fibonacci projection level of a wave "3" target.

A downward wave "5" has started, aiming at $5.60-1/2, above which will be a more realistic target at $5.72-1/4 , the wave "3" trough.

The wave "4" had a limited target of $5.98, the 38.2 percent Fibonacci retracement on the drop from $6.39-3/4 to $5.72-1/4.

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.

Copyright Reuters, 2011