Wheat Commodity Elliott Wave Analysis
Since peaking in March 2022, Wheat prices have experienced a significant decline of nearly 62%, falling from over 1360 to around 530. However, this bearish trend appears to be approaching its conclusion, with a potential multi-month bullish phase on the horizon, poised to correct the over 28 months of downward movement.
Wheat Commodity Elliott Wave Technical Analysis
Wheat Daily Chart Analysis
On the daily chart, the decline from the March 2022 peak of 1364 is characterized by an impulse wave structure. Currently, this structure is in its final stage, with the 5th wave nearing completion in an ending diagonal pattern. Although Wheat prices might still dip to around 500 or slightly below, caution is advised for sellers at this point. The upcoming weeks and months are likely to see an exit from short positions, paving the way for new bullish positions.
Wheat H4 Chart Analysis
The H4 chart indicates that wave c of (5) of 5 (circled) is nearing completion, likely forming an ending diagonal structure. The 500 level is anticipated to provide strong support, potentially leading to at least a 3-swing bounce, which could push prices above 800.
Summary
In summary, the Elliott Wave analysis for Wheat suggests that the current bearish cycle is nearing its end, and a significant bullish correction is expected to follow. Key levels to watch include the support at 500 and the potential rebound above 800. Traders should be ready for the end of the current decline and consider opportunities to enter long positions as the market transitions into a new bullish phase. By closely monitoring wave structures and critical price levels, traders can better anticipate future movements in the Wheat market and make informed decisions to capitalize on the impending uptrend.
Technical Analyst: Sanmi Adeagbo
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