Wheat Elliott Wave Analysis
Wheat is approaching the completion of a long-term bearish impulse wave that started in March 2022. A potential multi-week or multi-month corrective bounce may follow soon. In the short term, the bearish trend resumed from the February 2025 high after a seven-week rebound that began in late July 2024.
Wheat Daily Chart Analysis
On the daily chart, wheat is finalizing a bearish impulse wave that originated in March 2022. The 5th wave (wave V) has developed as an ending diagonal structure since October 2022. This structure is now approaching completion, with wave V of (V) likely extending toward $500 or below.
Wheat H4 Chart Analysis
On the H4 chart, wheat completed waves ((A)) and ((B)) of V in July 2024 and February 2025, respectively. Since February 2025, wave ((C)) of V has resumed its downward move. Following a 5-wave decline in wave (1), the price is currently experiencing a corrective rebound in wave (2) of ((C)).
- As long as the 621.75 resistance level holds, the short-term outlook remains bearish, targeting $500 or below.
- However, traders should closely monitor price action near $500, as a strong bullish corrective phase may emerge around this level.
Technical Analyst: Sanmi Adeagbo
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