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This is retracing into a bullish flag set-up. I think we will see the bottom of this move at 529 - the 161.8% Fib level. This should be followed by another move up with a 640-650 target.
Watchlist. Bounced again off 200DMA & strong support there BUT clear bearish channel (and very long term resistance if you scroll back to weekly).
Placed right on the 50% retrace line. I see this as the key pivot area.
Double bottom forms a distinct W shape once complete -- 460 target.
I'd like to see a full daily candle above 432; but this is an encouraging set-up. Looks like a 61.8% retrace and now working way up the fibs. 50% now broken (just).
Multi-year downtrend coming under pressure here.
Wheat is currently in a long term bottoming pattern IMO. There is a symmetrical triangle in play and the bottom of it has just been hit leaving a long opportunity for a move back to the top.
My position opened at 4.01 cents per bushel and looking for a move to 4.20 cents to close.
With oscillators diverging I will be expecting Wheat to reach 380 or lower again to look for long positions expecting finally a breakout out of the long-term wedge pattern. On the other hand if the low is already in, I will be waiting for a break out above the wedge and above the weekly Ichimoku cloud to go long. The upside is expected to be explosive. For now I ...