Wheat Taking The Bullish Move - Elliott wave
WHEAT (Mar 2022) found a low for a corrective wave B at the 776 level, near the Fib. ratios of 0.382 and 0.5, which can also react as support, and bounced sharply higher. A sharp rally above the upper parallel channel line, and above the former high at 803 lvl. is an indication that bulls are in control, and that correction is completed.
We are now tracking a five-wave rally, a new impulse labelled as wave C, which can target the upper parallel channel line, connected from the high of A. 825/835 area can be seen, and can be achieved in a five-wave fashion as previous wave A.
We are now tracking a five-wave rally, a new impulse labelled as wave C, which can target the upper parallel channel line, connected from the high of A. 825/835 area can be seen, and can be achieved in a five-wave fashion as previous wave A.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.