SINGAPORE, July 16 (Reuters) - CBOT September wheat WU26 may retest a resistance at $6.83-1/4 per bushel, a break above which could lead to a gain to $6.89-1/2.

A projection analysis on a wave c from $6.02-1/2 reveals this wave's capacity to extend further to $6.89-1/2, its 161.8% level, as it has come close to $6.83-1/4, the 150% level.

Support is at $6.69, a break below which may trigger a fall into the $6.60 to $6.64-1/4 range. On the daily chart, the wave pattern suggests the development of a very powerful wave 3, the fiercest among the all the waves of the uptrend from $5.74.

This wave could quickly drive the market to the recent high of $7.00. Correction is expected to be shallow and likely have a floor at $6.70.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.

** No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses. ​