Wheat Elliott Wave Technical Analysis

Wheat prices are retracing toward the July 2024 lows, a key level where the market last experienced a notable bounce against the prevailing bearish trend from March 2022. The recent decline from October suggests renewed momentum for sellers, potentially driving prices below $500.

Wheat Commodity Daily Chart Analysis

• The ongoing bearish trend from the March 2022 peak of 1364 is approaching the final stages of an impulse wave structure.

• The 5th wave of this structure appears to be forming an ending diagonal, having entered this pattern since May 2024.

• Within this diagonal, Wave (5) of ((5)) is taking the shape of a zigzag, a common feature of such formations.
• Current indications suggest that Wave (5) has not yet concluded, leaving room for further downside.

Wheat Commodity H4 Chart Analysis

• Wave B of (5) concluded at the October 2024 high of 617, marking the start of the decline for Wave C of (5).

• Wave C is projected to extend below the July 2024 low, where Wave A previously ended.

• The ongoing rally represents Wave ((x)) of C. If this structure holds, Wave ((x)) will likely terminate below 617.
• After the completion of Wave ((x)), the bearish move is anticipated to continue, with targets set at $500 or lower.

Technical Analyst: Sanmi Adeagbo

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See Previous: WTI Crude Oil Elliott Wave Technical Analysis

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