This wave pierced below a support at $4.86 again. This time, the support may not hold. The wave c is very likely to overcome this barrier and travel towards $4.72-1/4.

It is not very clear how fast the following drop could be. A slow drop may extend to $4.80-1/4 first. Resistance is at $4.94-3/4, a break above which could lead to a gain to $5.08-3/4.

On the daily chart, wheat broke a support at $4.92-1/4, the 50% retracement of the uptrend from $4.27-1/4 to $5.57-1/4. It may fall to the next support at $4.76-3/4. A head-and-shoulders indicates a much lower target around $4.30.

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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **