Wheat Elliott Wave Technical Analysis
Wheat prices continue to exhibit bearish trends despite the recent rebound from the January low. The ongoing bounce is anticipated to remain below the October 2024 high before resuming the broader downward trend that started in March 2022.
Wheat Commodity Chart Analysis – Daily Chart
On the daily chart, a bearish impulse structure has been forming since March 2022, when wheat traded at $1364. Currently, the price is in the final 5th wave of this bearish impulse, labeled as wave ((5)). Within this wave, the market is unfolding wave (5), developing into a diagonal pattern. As wave (5) nears completion, wheat prices may initiate a long-term bullish correction, potentially lasting several years.
Wheat Commodity Chart Analysis – H4 Chart
The H4 chart analysis reveals that wave (5) is progressing in its final stage, identified as wave C. The ongoing wave C within (5) is shaping into a double zigzag pattern. Presently, the market is experiencing a bounce within wave (b) of ((c)) of C, positioning itself at a crucial Fibonacci resistance zone. If the bounce fails to break above the 577 level, the downward momentum is expected to resume, driving the price lower toward wave (c) of ((y)). This move is likely to complete wave (5) of ((5)), finalizing the bearish cycle initiated in March 2022. Should the expected wave (c) materialize, the price could extend down to 500 or lower.
Technical Analyst: Sanmi Adeagbo
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