CBOT wheat may fall to $5.43-1/2

• The bounce triggered by the support at $5.47-3/4 could be weak. It may end around $5.51-1/4.
• Wave pattern suggests the contract is riding on a wave C, which may travel into a range of $5.19-1/2 to $5.37, formed by its 100pc and 61.8pc projection levels.

The downtrend from the Jan. 22 high of $5.92-1/2 seems to have extended. Based on the fall from this high to the Jan. 27 low of $5.59-1/2, a projection analysis suggests a further drop to $5.43-1/2, the 100pc level.

The bounce triggered by the support at $5.47-3/4 could be weak. It may end around $5.51-1/4.

Wave pattern suggests the contract is riding on a wave C, which may travel into a range of $5.19-1/2 to $5.37, formed by its 100pc and 61.8pc projection levels.

A break above $5.51-1/4 may lead to a gain limited to $5.56.