The resistance is provided by the 14.6% retracement on the downtrend from $5.57-1/4 to $4.56-1/4. The trend could be broken down into five waves. The final wave labelled (e) could be divided into five smaller waves.

This wave structure, along with the bounce from $4.56-1/4, indicates a reversal of the downtrend. A falling channel suggests the current bounce may extend to $4.94-3/4. A realistic target will be $4.80.

Wheat failed to break $4.70-3/4 in its first attempt. The failure caused a shallow correction which may be limited to $4.63-1/4.

On the daily chart, a retracement analysis on the uptrend from $4.27-1/4 to $5.57-1/4 indicates a further bounce towards $4.76-3/4, the 61.8% level.

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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.