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This is the third wave of a presumed three-wave cycle from $5.31-1/4. It may complete around either $5.11 or $5.01-1/4. A wedge suggests a fall to its lower trendline around $5.09.
Once wheat falls to this level, it is likely to drop more towards $5.01-1/4. However, this target will only be confirmed when the contract breaks $5.07-1/4.
Resistance is at $5.14-1/4, a break above which could lead to a gain to $5.17-1/4.