SINGAPORE: CBOT wheat may drop to $9.73 per bushel, driven by a wave C.
This wave started at $12.84. It is the third leg of a three-wave cycle from $12.78-1/4.
A projection analysis suggests a target of $9.73, the 100% level.
The consolidation within the range of $10.46-1/4 to $10.91-3/4 could have prepared bears with sufficient momentum to fulfil their target of $9.73.
CBOT wheat biased to rise into $10.75-3/4 to $10.92-3/4 range
After overcoming the final barrier of $10.15-1/4, wheat could easily drop to $9.73.
Signals on the hourly chart indicate a lower target of $9.59-3/4, as suggested by a bearish wedge.
A break above $10.21 may lead to a gain limited to $10.34-3/4. Such a gain would be classified as a pullback towards the wedge.