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The support is provided by the 76.4 percent projection level of a downward wave C from $5.27-1/4. After extending below $5.11, this wave has a better chance of travelling to $5.01-1/4. However, a more realistic target will be $5.07-1/4.
Wheat has broken a rising trendline rising from $4.95-1/4. The trend from this level may be totally reversed. Should the contract be able to stabilize around $5.01-1/4 and rise, the target at $4.95-1/4 will be temporarily aborted.
A break above $5.11, now a resistance, could lead to a gain to $5.14-1/4.