CBOT wheat biased to fall to $4.79-1/2

• Wheat not only failed to overcome this barrier, but also slid below a rising trendline.
• The resistance is identified as the 38.2pc projection level of a wave c from $4.76-1/4.

The resistance is identified as the 38.2pc projection level of a wave c from $4.76-1/4.

Wheat not only failed to overcome this barrier, but also slid below a rising trendline.

It seems the correction triggered by a strong resistance at $4.97-1/2 has not completed.

It might have three legs. So far, only two legs have finished.

The third part could extend to $4.79-1/2, the 23.6pc projection level of an upward wave C from $4.50-1/2.

A break above $4.92-1/4, the 38.2pc projection level of a small wave c from $4.76-1/4, may lead to a gain to $4.97-1/2.