By
SINGAPORE: CBOT wheat may test a support at $8.60-1/4 per bushel, a break could open the way towards $8.21.
The contract is riding on a wave C which is travelling to $8.60-1/4, its 100% projection level.
Generally, this projection level works as a good support, which may temporarily stop the fall and trigger a bounce.
CBOT wheat may retrace towards $7.84-1/4
A break above $8.94 may lead to a gain to $9.18-1/2.