Wheat in a downtrend since 2012 and I think this is not the end, but, can be a turning point for a while... Second target would a dream to hold Wheat long ETF for years :)
The C wave correction ended at 0.382 fib (yellow) of the previous impulse down. Looking for continuation of down move to 1.272 fib (yellow). Wheat doesn't give much chance to enter, once it drops, it drops quick. So don't miss it.
Wheat, on an 8H chart, has broken through key short term resistance last week. Beginning 9/12, ADX had signaled a period of price consolidation which has lasted until 10/13 when price broke through resistance. This price action and ADX consolidation is reflected on the daily chart too. It is possible that price may have more upside potential before a pullback...