CBOT wheat may fall into $5.29-$5.32 range

• The current correction may extend to the bottom of the wave 4 around $5.27, or that of the wave 2 at $5.11.
• A five-wave cycle from the Nov. 18 low of $5.01-3/4 has completed around a resistance at $5.44-3/4.

A five-wave cycle from the Nov. 18 low of $5.01-3/4 has completed around a resistance at $5.44-3/4, the 161.8pc projection level on an uptrend from $5.11.

The current correction may extend to the bottom of the wave 4 around $5.27, or that of the wave 2 at $5.11.

Resistance is at $5.40, a break above which could lead to a gain limited to $5.44-3/4.

On the daily chart, wheat could be pulling back towards a falling trendline, after it failed to break a resistance at $5.42-1/2, the 50pc projection level of an upward wave C from $5.02.