16Feb

Price Action Wheat Elliott Wave Analysis: Technical insights, forecasts, and trading opportunitie

Wheat Elliott Wave Technical Analysis 16 February 24

Wheat price chart analysis

Daily and 4-hour timeframe

Function - Counter-trend

Mode - Corrective

Structure - Triangle

Position - Black Wave X of red wave (5)

Direction - Black Wave Y of red wave (5)

The price action of wheat is quite interesting. It's fascinating to see how the Elliott wave theory can be applied to price charts, and wheat is a perfect example of that. After being stuck in a sideways trend for over a month, the commodity broke out to the downside. This has increased confidence that the Bears will continue to dominate in the coming days or the next few weeks.

On the daily timeframe, we can easily spot a bearish impulse wave pattern that began in March 2022 for 1364. This bearish impulse is now in its final stage, with its 5th wave (shown in blue) forming an ending diagonal structure. This was our long-term forecast, and we informed our subscribers to closely monitor the price action of this commodity. Meanwhile, the 5th wave (wave 5 in red) of the diagonal is still in progress. By zooming in on the hourly timeframe, we can observe a bearish setup that aligns with this forecast.

Traders who prefer the daily timeframe will need to wait for the completion of the diagonal before looking for bullish opportunities. According to Elliott's wave theory, a 3-wave bullish correction is anticipated to follow. Now, let's shift our focus to the H4 timeframe.

Looking at the 4-hour timeframe, we examined the sub-waves of the red wave 5. It appears to divide into what could potentially be a double zigzag pattern: wave W-X-Y (shown in black). After wave W concluded, the price entered a sideways range for 4 weeks as part of wave X. In our recent updates, we identified 583 as the breakout point for wave Y, where this commodity is likely to attract more sellers.

As the chart illustrates, the subsequent sell-off was rapid. In the latest update, we presented this chart to show the ongoing developments. Moving forward, wave Y is expected to further sub-divide into another zigzag structure. Meanwhile, as the price approaches a crucial support level, we might witness the end of the blue sub-wave ‘a’, followed by a corrective rally for blue sub-wave ‘b’, and then a further sell-off.

Although there are several potential paths this market could take, this currently appears to be the clearest scenario from our perspective.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: WTI Crude Oil 

Wheat-Day-commodity-...

 


 

Wheat Elliott Wave Technical Analysis 4-Hour Chart,16 February 24

 

Wheat-4hr-commodity-...

Related

Elliott Wave Analysis of ASX: CSL LIMITED –  Examining the CSL Stock's Technical Outlook and Trading Strategy

Elliott Wave Analysis of ASX: CSL LIMITED – Examining the CSL Stock's Technical Outlook and Trading Strategy

This article provides an in-depth Elliott Wave analysis of ASX: CSL LIMITED. It explores current mar...

Read More >
Polkadot Crypto Price News Today DOTUSD Elliott Wave Technical Analysis: Stay informed with the latest Polkadot insights

Polkadot Crypto Price News Today DOTUSD Elliott Wave Technical Analysis: Stay informed with the latest Polkadot insights

Discover comprehensive Polkadot price analysis using Elliott Wave theory. Our experts provide in-dep...

Read More >
U.S. Dollar/Canadian Dollar (USDCAD) Forex Elliott Wave Technical Analysis: Risk management and technical analysis for Forex trading

U.S. Dollar/Canadian Dollar (USDCAD) Forex Elliott Wave Technical Analysis: Risk management and technical analysis for Forex trading

Get detailed USD/CAD Elliott Wave analysis for both daily and 4-hour charts. Learn about counter-tre...

Read More >
British Pound/ Australian Dollar(GBPAUD) Elliott Wave Technical Analysis 11 December 23

British Pound/ Australian Dollar(GBPAUD) Elliott Wave Technical Analysis 11 December 23

British Pound/Australian Dollar GBPAUD Elliott Wave Analysis Trading Lounge Day and 4-Hour Chart for...

Read More >
HCL Technologies Stock Analysis: HCLTECH Elliott Wave Technical Analysis Covers Chart Insights and a Detailed Forecast

HCL Technologies Stock Analysis: HCLTECH Elliott Wave Technical Analysis Covers Chart Insights and a Detailed Forecast

This article provides a comprehensive Elliott Wave analysis of HCL Technologies (HCLTECH) stock. It ...

Read More >
Spotify Technology S.A. Stocks Elliott Wave Technical Analysis: Evaluate Current Trends and Forecast SPOT’s Future Price Direction

Spotify Technology S.A. Stocks Elliott Wave Technical Analysis: Evaluate Current Trends and Forecast SPOT’s Future Price Direction

This in-depth Spotify stock analysis applies Elliott Wave Theory to evaluate current trends and fore...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on