It is clear that a reversal on WHEAT -0.60% will occur very soon.
WHEAT -0.60% is dealing with the 10 years lows and has reached an area of supply/demand from the back of the 2005. Price has also met an old trend, confirming the importance of the area.
Moreover we can see that a bullish Wolfe wave is being taken place.
Despite that, an excess is still possible (proba low though) and thats what the second green area represents.
If price goes in, it will be extremely bullish .
For now the target is set at ~8000 (to review later).
WHEAT -0.60% is dealing with the 10 years lows and has reached an area of supply/demand from the back of the 2005. Price has also met an old trend, confirming the importance of the area.
Moreover we can see that a bullish Wolfe wave is being taken place.
Despite that, an excess is still possible (proba low though) and thats what the second green area represents.
If price goes in, it will be extremely bullish .
For now the target is set at ~8000 (to review later).
Comment:
Going well so far, here is an update in daily TF :
Comment:
Price reached first TP :