Fib analysis from Oct 2023 pivot low shows confluence near 6000.
Oct 2023 is a very important date as we have many pivots on that date, as well as another big divergence, such as with US housing price.
MBG has reached its upper-range channel. Based on this channel, if MBG could reach the next upper channel, it would record a higher high. That is unlikely to happen with the current energy prices Germany has to pay. My view is that MBG has already reached its secondary peak. MBG will soon be entering a prominent bear market.
Mirror projection on monthly chart. "Mid"-point = 69. Lowest range = Black Monday. Level 69 significance could also be identified by fibonacci extension: low of 2000 to 2008 peak.
Related market: BG
Projection based on Fibonacci analysis. This chart shows equality relationship. 84 is likely a key level because of gaps. You could try the 2020 pivot low for the lower box and you will find a confluence with 38% subdivision.
This suggests a continued rise in wheat price and other ag.
Volume spike on February 2021 shows a lot of interest has shown up.
The current price high is where there was a lot of supply overhang. TMST needs to clear this significant supply before the bull market can start.
