Wheat, on an 8H chart, has broken through key short term resistance last week. Beginning 9/12, ADX had signaled a period of price consolidation which has lasted until 10/13 when price broke through resistance. This price action and ADX consolidation is reflected on the daily chart too. It is possible that price may have more upside potential before a pullback...
Price hit resistance near 450 and also retested blue median line resistance near 430, and has cascaded lower. Look for possible continuation lower to 375-350.
Wheat appears to be nearing the completion of a major ascending wedge that spans 4-5 years. Best way to take advantage of this would be a wide entry with a safe stop once a bottoming pattern appears on the daily/weekly. My guess is we won't see a bottom until late 2016 or maybe early 2017. Martin Armstrong has posted about the global *cooling* (not...
Please see annotated chart for details.