Olu
Long

Wheat: $ Weakness Is Hlping Here

OANDA:WHEATUSD   CFDs on Wheat
40 6 0
Comments on the chart
Comment: price is doing well. looking for more upside
Comment: Price fell today. I am not finding this funny at all. A wave 3 needs to be unmistakably impulsive. This upmove is not looking impulsive. However I am still bullish
It was a great call on Wheat Olu. We already know now that wave 3 was impulsive and achieved what your target was and some more. Do you think that the wave 4 is also complete now? Based on your recent idea on Soybeans, I think your answer is yes. If yes, what is your target for wave 5 on Wheat? If no, then how much lower are you expecting on Wheat for wave 4. Thanks!
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Olu JMNIK
@JMNIK, Thanks to you
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@Olu, Are you expecting more down for wave 4 or is it now up from here? Thanks.
Reply
Olu JMNIK
@JMNIK, Can I introduce another angle? What if the nove up to 500 is just a 3 wave abc retracement of the prior downmove? The move down from 500 is sharp and appears impulsive. If this is truly the case then 500 on this chart is the high for a while. What ddo you think?
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@Olu, Agree... with the price action that we got yesterday, some of the damage done is going to take some time to repair... maybe later in the year we can get a long awaited sustained move up on the grains.
Reply
Olu JMNIK
@JMNIK, i agree. I am leaving my options open.
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