Jump to content

Wheat Commodity Elliott Wave Technical Analysis


Recommended Posts

Posted

Wheat Elliott Wave Analysis 
Function - Trend
Mode - Trend
Structure - Impulse for wave (A)
Position - Wave 5 of  (A)
Direction - Wave (B)
Details -  Wave 5 of (A) could be completed with an ending diagonal. Pullback for (B) should begin afterwards.

Since March 2024, wheat prices have been recovering and extending higher. However, a slowdown and a potential downward correction may occur in the coming days. Despite this, the overall recovery trend is expected to continue afterward. The initial recovery from the low of 523 in March is projected to advance towards the 840-940 range in the medium term. Nevertheless, the long-term bearish trend could resume in the last quarter of the year.
 
Examining the daily chart, we observe a bearish impulse wave that began at 1364 in March 2022, culminating in an impulse wave that reached 523 in March 2024, thus concluding a two-year sell-off. The subsequent recovery from 523 is nearing the completion of an impulse wave. This suggests that we should anticipate at least an (A)-(B)-(C) bullish correction continuing towards higher price levels, likely in the 842-942 range, which corresponds to the 38.2-50% Fibonacci retracement zone. It is also possible for prices to move even higher. This bullish corrective cycle is projected to extend until the last quarter of the year. For now, the focus should be on the completion of wave (A) and the potential for a retracement in wave (B).
Commodities24.thumb.png.e07ac732e85e0642724197d262a88886.png
 
 
The H4 chart reveals that wave (A) is nearing its completion, forming an ending diagonal for wave 5. A bearish retracement for wave (B) is anticipated to start soon. The prudent strategy at this juncture is to wait for wave (B) to complete before considering long positions in wave (C), provided wave (B) does not breach the 523 low.
Commodities24(1).thumb.png.3a1dd29052e84d9f3616a6f63a1681e9.png
 
In summary, while wheat prices have been on an upward trajectory since March 2024, we may soon experience a short-term correction. However, the broader recovery trend is expected to persist, with prices potentially reaching the 840-940 range. Traders should monitor the progression of wave (A) and prepare for the likely retracement in wave (B). By closely observing the key level of 523, traders can ensure that the bearish wave (B) does not invalidate the recovery trend. If wave (B) remains above this level, the subsequent wave (C) could present a favorable opportunity for long positions, aligning with the projected medium-term bullish correction before the resumption of the long-term bearish trend later in the year.

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!
 

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • The Grass Network is transforming decentralized connectivity by letting users monetize unused bandwidth while supporting AI development on the Solana blockchain. Stage 1 of the airdrop distributed 100 million GRASS tokens, and Stage 2 is coming soon with more rewards. This guide covers how to claim Stage 1 tokens and prepare for Stage 2. Overview of the Grass Airdrop The Grass airdrop is split into two stages: Stage 1 Airdrop: Completed with the distribution of 100 million GRASS tokens to 2.8 million users worldwide. Stage 2 Airdrop: Offers enhanced features, 50% more points, and allocates 17% of the total GRASS supply. How to Claim Stage 1 GRASS Tokens Follow these steps to claim your Stage 1 airdrop: Visit the Official Claim Page: Navigate to the official Grass airdrop claim page. Connect Your Solana Wallet: Ensure you have a compatible Solana wallet like Phantom or Solflare and connect it to the claim portal. Check Your Claimable Tokens: Once connected, your wallet will display the number of GRASS airdrop tokens available for claim. Accept the Terms and Conditions: Carefully read and accept the terms and conditions of the crypto airdrop. Complete the Claim Process: Follow the on-screen prompts to complete the process. Your GRASS airdrop tokens will be transferred to your wallet. Important Notes: Claim Deadline: January 15, 2025. Network Issues: If you encounter errors, try switching to a different RPC, such as QuickNode. Connection Problems: Consider using multiple wallets to resolve connectivity issues. Ready for Stage 2? Following the success of Stage 1, Stage 2 of the Grass airdrop is set to launch with exciting new features and increased earning potential. How to Participate in Stage 2 Follow these steps to join Stage 2 and start earning more Grass Points: Register on the Grass Website: Create an account using your email and connect your Solana wallet. Install Required Components Browser Extension: Download the Grass browser extension for easy access. Desktop Node: Desktop users can install this for double-mining points. Mobile users can use browsers like Mises or Kiwi.        3. Complete Verification: Verify your email and wallet to fully activate your account. Conclusion The Grass airdrop offers a unique opportunity to earn rewards while contributing to the advancement of decentralized technology and AI development. Whether you’re claiming Stage 1 tokens or preparing for Stage 2, this comprehensive guide will help you navigate the process with ease. Stay active, maximize your points, and position yourself at the forefront of decentralized innovation with Grass Network.   For more: https://markets.coinpedia.org/grass/?tab=airdrop&tab_id=289  
    • So here’s the lowdown on $QUILL and Ink Finance. The project is all about making real-world assets (think real estate, invoices, bonds) fit into the Web3 world with their InkEnvelope tech. It’s pretty cool because they’re solving a big problem: making traditional assets transparent and usable on-chain. This could open up a ton of new opportunities for DeFi and finance.   What I like is that Ink Finance isn’t just about DeFi in a vacuum. They’re letting DAOs and projects set up shop with customizable governance, manage treasuries, and even do things like DAO-to-DAO lending. It’s like giving Web3 projects all the tools they need to scale, and that’s something I think a lot of platforms miss. Plus, they’ve got multi-currency staking, which is a solid bonus for anyone trying to earn while holding.   $QUILL is powering all of this. If you’re looking at it, the token is definitely tied to the whole ecosystem, and with Ink already branching out to Avalanche and Polygon, they’re putting themselves in a good position for the long term.   And by the way, $QUILL is getting listed on BingX on December 2nd at 11:00 UTC , if you’re thinking of picking some up, that’s your window. Could be a solid chance to get in early.   So yeah, do you think Ink Finance looks like one of those projects that could actually make waves in DeFi by making traditional assets work on-chain ?
    • Elliott Wave Analysis TradingLounge Dogecoin/ U.S. dollar(DOGEUSD) DOGEUSD Elliott Wave Technical Analysis Function: Counter trend Mode: Corrective Structure: Flat Position: Wave ((C)) Direction Next higher Degrees: wave (C) of ((4)) Wave Cancel invalid Level: Details: The corrective of Wave ((4)) before Increase again in Wave ((3)) Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy: Five waves of wave III rally where we still missed two more moves, from a decline in wave ((4)) and another rise in wave ((5)), so the price is still in an uptrend and we are looking for a resumption of the trend. Dogecoin/ U.S. dollar(DOGEUSD) DOGEUSD Elliott Wave Technical Analysis Function: Counter trend Mode: Corrective Structure: Flat Position: Wave ((C)) Direction Next higher Degrees: wave (C) of ((4)) Wave Cancel invalid Level: Details: The corrective of Wave ((4)) before Increase again in Wave ((3)). Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy: Five waves of wave III rally where we still missed two more moves, from a decline in wave ((4)) and another rise in wave ((5)), so the price is still in an uptrend and we are looking for a resumption of the trend. Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here!  
×
×
  • Create New...
us