Jump to content

Wheat Commodity Elliott Wave Technical Analysis

Recommended Posts

Wheat Elliott Wave Analysis
Function - Counter Trend
Mode - Corrective
Structure -Zigzag for wave (B)
Position - Wave A of (B)
Direction - Wave A is still in play
Details -  Wave A of (B) is about to complete and thus, we should see a bullish correction for wave B soon.

Wheat prices are currently retreating, but as long as they do not breach the March 2024 low, there is a significant chance that the recovery from March will continue. The long-term trend remains bearish, and the current recovery phase is retracing this trend and may extend much higher.
Daily Chart Analysis:
On the daily chart, the bearish trend that extended from March 2022 to March 2024 completed an impulse wave structure. From the low of 523’4 in March 2024, a bullish correction began as expected. The initial response off 523’4 completed an impulse rally, indicating that this corrective phase could evolve into either a zigzag or a double zigzag structure. Thus, we expect at least a zigzag pattern composed of waves (A), (B), and (C). The surge from the March 2024 low completed wave (A) with an impulse, and the price is now correcting this in wave (B). After the completion of wave (B), we should see another leg higher in wave (C). This is the minimum expectation for the current recovery phase in Wheat.
H4 Chart Analysis:
The H4 chart focuses on wave (B). The decline from the wave (A) top at 720’4 completed an impulse. A pullback for wave (B) is expected to be a corrective structure. However, the decline so far has completed an impulse wave, which could now be labeled as wave A of (B). This suggests that wave (B) should continue its formation in the near term. It is likely that wave (B) will take the form of another zigzag pattern (A-B-C), as long as the 523’6 low is not breached. If this level is breached, it would imply that the long-term bullish correction has either completed very shallowly, or a more complex scenario must be considered to better understand the situation.
Wheat prices are retreating but as long as the March 2024 low of 523’4 remains intact, the recovery from March is likely to continue. The long-term trend is bearish, and the current recovery is a retracement of this trend, which may extend much higher. 
On the daily chart, the bearish impulse wave from March 2022 to March 2024 completed at 523’4, initiating a bullish correction. The initial rally completed wave (A) with an impulse, and the price is now correcting this in wave (B). We expect at least a zigzag pattern (A-B-C) for this corrective phase.
On the H4 chart, the decline from wave (A) at 720’4 completed an impulse, which is likely wave A of (B). Wave (B) should continue forming, likely as a zigzag pattern, as long as the 523’6 low is not breached. If the low is breached, it would indicate that the long-term bullish correction is either complete or a more complex scenario needs to be considered to accurately read the market conditions.

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

Link to comment

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

    • Hi    when I try to buy the tickers SDIV and KBWD the platform does not allow me. This is strange as I have a broker account in France where I can easily buy these products. the MIFID retail legislation is related to CFD and margin, hence the reason must be different, can anybody help me?   Thanks
    • BOOM UP is the ultimate Game-Fi experience on Telegram, offering gamers a chance to earn real profits while immersing themselves in thrilling gameplay, unique art, and social interactions. Say goodbye to time-consuming games and hello to a world where fun meets profitability! By blending traditional gaming with the power of blockchain, BOOM UP is revolutionizing the industry and bridging the gap between Web2 and Web3. Get ready to dive into the future of gaming and experience a whole new level of excitement and rewards! Exciting news – BOOM UP is about to launch on Bitget, taking the crypto world by storm. Don't miss out on the chance to be a part of this groundbreaking project that's set to redefine the gaming and finance landscape. Get ready to level up with BOOM UP on on this exchange and unlock endless possibilities in the world of Game-Fi and NFTs!
    • As crypto adoption explodes in the EU, Bitget is fueling the flames with Builders Meetups – engaging events designed for both crypto veterans and newbies. Imagine learning from the Bitget EU COO Apprentice and crypto bigwigs, then building your network with fellow enthusiasts (potential friends or collaborators!). Plus, expert talks will boost your crypto IQ and there might even be free swag! Bitget goes beyond exchange, fostering the community through educational resources on Bitget Academy and a user-friendly platform that welcomes newcomers to the exciting world of crypto. The "Meet Bitget: Your Gateway to Crypto Trading" event in Bucharest, Romania on July 18th is your chance to dive in – registration is free! Don't miss out and spread the word.
  • Create New...