Important potentiel on wheat for next weekI expect wheat to rise from 693.11 $ to 763.42 $ . And please consider a stop about the 654 $ level
WHEAT trade ideas
WHEAT Weekly Timeframe UpdateWheat Futures has hit new highs over the Q4 period and we enjoyed the Bullrun as expected, but now it's time to prepare a major correction.
Regarding the chart, I have analyzed that Wave 3 more or less has completed its cycle. Please be extra cautious and allow room for price to reach the $700 area before deciding on making short positions. The area in which the correction should take place is between the $700 & $610 area. We must apply Ralph Nelson Elliot's alternation for this correction. Please pay attention to Wave 2 on the intermediate cycle as you can see it is a fairly simple zig-zag correction. Therefore, we have a high chance and probability that Wave 4 will be complex & we can anticipate a Flat or Triangle correction.
WHEAT Break and RetestPrice has broken above the daily falling trendline resistance area and has come back to retest and confirm it as new support. This test/rejection also coincides with the 50% fib expansion level. I'm looking for a potential move to the most recent swing high for my first target. If that level holds, then I will more than likely trail up my stop or close the position. If price continues through the level, then I will use the 161.8% fib level as my potential second target.
