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Wheat Commodities Elliott Wave Technical Analysis


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Wheat Elliott Wave Analysis
Function - Trend
Mode - Trend
Structure - Diagonal (D1)
Position - Blue wave ‘x’
Direction - Downwards for blue wave ‘y’ of Y of (5)
Details - After the completion of the triple three for wave X, the price is turning downside to begin the sub-waves of wave Z. Bearish confirmation below 540.
 
Between March 11th and April 8th, 2024, wheat showcased an upward trajectory, accumulating gains exceeding 9%. However, this apparent rally was merely corrective, hinting at an inevitable return to widespread selling pressure, thus perpetuating the downtrend initiated in March 2022. The ascent encountered resistance within the critical 570-577 range, following the completion of a triple zigzag corrective pattern. Presently, there exists minimal resistance impeding a potential sell-off towards the significant level of 500.
 
On the daily timeframe, a bearish impulse wave commenced in March 2022, now approaching its completion. Anticipated as the final leg before a substantial bullish correction, wave (5) of a higher degree, labeled as blue '5', is poised to unfold. It's noteworthy that wave '5' (depicted in blue) is finalizing an ending diagonal, also termed a wedge, regarded as one of the most potent reversal chart patterns in technical analysis. Furthermore, wave (5) is at an advanced stage, having fulfilled a triple zigzag pattern, as evidenced in the H4 timeframe.
 
Zooming into the H4 timeframe, wave X of (5) concluded with a triple zigzag, confronting resistance within the 570-577 range as mentioned earlier. A breach below the lower boundary of wave X would confirm the inception of wave Z, expected to subdivide into a zigzag (simple, double, or triple) and descend towards 500.
 
In essence, wheat nears the culmination of the bearish impulse phase initiated in March 2022. While a corrective rebound looms on the horizon, there remains potential for further downside toward 500 before the onset of a substantial bullish correction. Traders should remain vigilant, closely monitoring key levels to navigate the evolving market conditions effectively.
 
Technical Analyst : Sanmi Adeagbo
 
Source :Tradinglounge.com get trial here!
 
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