I previously shorted wheat 1 pip from the top and it was a very nice trade (although I closed too early around 3.99 or so). Price bounced from the .382 fib of the larger up move but the price action in the current area looks weak. I am looking to re-open shorts at the levels in the chart but only if no warning signs are present -- big bullish candles, oversold RSI...
Structure indicates we will have a continuation of downtrend and breakout from triangle.
The other posibbilty is we might have another up move and begginning of new trade.
Either way is good opportunity to trade...
Bullish move is confirmed by volume and MAs. I believe wheat will make about a 12% upward move in the next month. The target is a confluence level of 0.618 and volume value area.
