Commodity Wheat idea (06/09/2022)wheat
The completion of the (C) wave of the flat irregular wave, and we expect a drop in wheat in the coming period after ending the correction pattern as we explained, and we expect it to target 773 at 1.618%, or it may continue to 2.618% at 744 since trading is the lowest point of resistance 839.25
ZW1! trade ideas
Commodity Wheat idea (30/08/2022)wheat
And we expect the end of the wave ((C)) at prices of 849.00 expect the decline from the current prices, but there may be an extension in the rise to price of 872, so we should be careful in the coming period, but for the time being, the decline is in place since trading is below the 849 resistance point
Long Wheat - Retrace RallyCBOT:ZW1!
Wheat might be lining up for a retrace rally.
Wheat appears to have built out a descending wedge while also printing bullish divergence on the RSI.
Price has finally broke the wedge, retested, and continued moving higher.
In that move higher, price has broke through the major descending fork that has held price for the last 3+ months.
In addition, the Perry Kaufman Adaptive MA just printed a "Buy" signal. ( Thanks, @blackcat1402 )
I'm expecting price to continue higher up to the trigger-line of this descending fork.
Plotting an ascending minor fork on the chart to project a path higher, a move to the .618 Fibonacci retracement level appears to be a likely target area.
Target = 1076 USX aka $10.76
Fat_Fat
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Pull Back FishingPossible rectangle forming.
Neutral until a trendline is broken.
2 touches to bottom trendline so far with a few other candle tails coming close to a touch.
The 20, 50, 100 and 200 moving averages need some work as well as the shorter term moving averages in the Alligator.
Moving averages can look bad until they do not.
No recommendation
Wheat Developing Triple Zigzag with Bearish SeasonalityWheat's wave count doesn't look exactly textbook, but after having counted the subwaves, I'm convinced that wheat is developing a triple zigzag. The first zigzag is disproportionately large compared to the second zigzag, but this sometimes happens in a double or triple zigzag when the first zigzag has a significant retracement.
I'm not sure how long it will take for the third zigzag to complete or how far it will retrace, but wheat has bearish seasonality until September 13, so I have drawn the down arrow until this date because it is my best guess. After more subwaves develop, I should have a more accurate estimate.