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Elliott Wave Analysis: Wheat Can Search For A Bottom

Published 08/31/2017, 10:20 AM
Updated 07/09/2023, 06:31 AM

Wheat is quite interesting, regarding the fact that maybe a big drop since end of June can be coming to an end. We see and extended blue wave five potentially finished at the 390 region, which means a three-wave bullish reversal can come in play. On the lower time frame we have a closer look at the structure, where we see five-wave within the blue wave five and now we also see a nice sharp recovery, approaching the 411 swing high. Ideally a bigger change in trend will come along and more gains will show up on wheat.

Wheat, 4H
Wheat 4-Hour Chart

Wheat, 1H
Wheat 1-Hour Chart

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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