CBOT wheat may rise to $5.63-3/4

• The trend could be well broken down into five waves, a structure that strongly suggests the reversal.
• Support is at $5.51-1/4, a break below which could cause a fall into the range of $5.43-1/2 to $5.47-3/4.
• The daily chart, a retracement analysis on the rise from $5.01-3/4 to $5.92-1/2 reveals pivotal level of $5.47, the 50pc level, around which, the bounce started.

The trend could be well broken down into five waves, a structure that strongly suggests the reversal.

A bearish head-and-shoulders may be invalidated by the current bounce.

The downtrend has been developing within a falling wedge, which may turn out to be a bullish continuation pattern, to be followed by a strong rally.

Support is at $5.51-1/4, a break below which could cause a fall into the range of $5.43-1/2 to $5.47-3/4.

On the daily chart, a retracement analysis on the rise from $5.01-3/4 to $5.92-1/2 reveals pivotal level of $5.47, the 50pc level, around which, the bounce started.

Due to this bounce, a rising trendline remains intact. The trendline signals that the uptrend keeps steady and may extend towards $5.92-1/2.