The completion has been confirmed by the corrective wave structure of the bounce and the deep fall on Tuesday.
The fall extended below a rising trendline, signalling the reversal of the trend from $5.01-1/4.
A confirmed head-and-shoulders indicates a target around $5.04. Wheat is pulling back towards the trendline.
The pullback may end around $5.13-1/4, the 23.6 percent projection level of an upward wave C. A rise above the trendline may be limited to $5.16-3/4.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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