Wheat
Elliott Wave Analysis: WHEAT Is Still Looking For The BottomHello traders and investors!
Today we will talk about commodities, specifically WHEAT, in which very interesting development.
Well, as you know, commodities have been very bullish for the last year and some of them made strong and impulsive rise, but this is not the case for WHEAT, as we see slower price action and corrective wave structure from the lows.
We are talking about (A)-(B)-(C) flat correction where wave C has ended within an ending diagonal (wedge) pattern. The whole structure belongs to a higher degree wave IV correction of a bigger monthly wedge shape that can send the price back to lows for wave V before market finds the bottom.
What we want to say is that maybe it's time for a slow down in the commodity market, where WHEAT could be on of the weakest, especially after recent strong and impulsive decline back below lower ending diagonal pattern, which confirms that correction from the lows is completed, but real bears may show up below 600 region!
Be humble and trade smart!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Wheat Now Oversold, Bonds OverboughtBonds have been strong on a sell-off in commodities. But now products like Wheat are oversold at support, while Bonds are overbought at resistance.
Grains will shock youWith all the drama of last year and many areas locked down, one of the big sufferers was agriculture. Much of last years yields went to waste and panic buying occured. Which I'd guess also went to waste for the most part.
As you can see on my chart I'm expecting a sizeable pullback in price before the event, which is completely normal.
let it collect the orders down there and get in where you feel comfortable.
From there hold way into 2022. I wouldn't like to call the top on this, but it'll be impressive.
Checkout soybean and corn also. Why do you think they drove up so hard in price?
Happy trading and don't long just yet. (July?).
Wheat. lower before higher.I'm thinking it will head down towards the lowest trendline before continuing up. That seems like something an efficient market would do.
Wheat setting up all too perfectly.Looks like a perfect 5 wave Elliot followed by 50% ABC correction.
I'm starting to look for these more, and I feel like I'll be able to trade them soon. For the moment, the only trades I'm getting into are when the market tells me which way it's going and I get in along with it. That means linebreaks, so I'm waiting for the down-trendline to break to the upside.
SHORT XWM21 (Wheat Futures May21)We have been on a bull run in the wheat market since June of last year. However the past couple months we hit a high followed by consolidation between 635-685. We formed a double top and price is looking pretty heavy. We broke out of a multi-month support level and price came back to test this area and looks like it is now a new resistance. Looking to take partial profits at 580, 540 and perhaps even a move to take out the lows made at June 2020.
Wheat (US) - SHORT; SELL it!It's definitely a SHORT, for now.
The Kansas-Chicago differential also indicates a Chicago short here, and then probably a recovery into the new crop.
WHEAT BY THE END OF 2021 TO REACH 1100 WHEAT FULL TARGET 1350,WHICH MEAN 50 CENT PER KG.
LETS SEE HOW THIS UNFOLDS
Cycles top very soon, time to take profit.Check my related idea. Daily cycles that fuelled the recent move top somewhere around the 22nd of January and the longer term cycle is down till late February. All upside price targets have been reached and it's time to take profit and consider short. To see real weakness wheat has to close below 650.
Wheat FUTURES hits Target Zone My Trading Strategy is scall the Setup. This is the Setup 1 entry method ... Just wanted to highlght the most recent setup formed on WHEAT Futures Contract. IT's now hit the Target level that I like to call TZ1.
I used to trade the Commodities Futures back in 2009 and made some good money. Don't know why I stopped? Perhaps the FOREX volatility had my attention...
As expected wheat arrive to 633 dollarsWheat get the first target after downtrendline break as expected
Wheat future respected exactly the double top patternAfter neckline break, the wheat arrive exactly to double top target...
Wheat forecast.Read the previous idea on copper, same style but with wheat. By Jan 22nd expecting a cycle top and a price target of 660, cycle low on Feb 16th with a target of 575.
*Futures trading involves a substantial risk of loss and is not suitable for all investors.
divergence of wheat Future 2 signals to sell the wheat :
divergence in RSI and head & chouldres pattern
