XW1! trade ideas
Wheat Demand Increases / Swing Opportunity (Long)As can be seen on chart, quite a few positive indicators showing promise for the price of wheat during Q1 & Q2-2022.
Targets, support levels, RSI, Ult_MACD, Volume, Date Ranges and rhetoric can be seen on chart.
Good day!
WHEAT FUTURESWheat has moved and achieved the strong goal. It's now moving astonishingly over a really rugged support area.
analysis grafical for ZWZW t's going to know an upward wave.
So the procurement process has to start.
WHEAT FUTURESToday's wheat moves casually and faces a strong resistance zone from which it can bounce back strongly and descend into strong buttresses.
WHEAT FUTURESWheat moves after it has achieved the strong goal and Ada has penetrated the very strong summit will rise with the strength of Baden God.
A minimum three-wave rally on Wheat Expected - Elliott wave WHEAT made a sharp and impulsive drop from the mentioned resistance levels, at Fib. ratio of 0.382/0.50 and at the level of a former wave iv (795/800 area). We labelled a possibly completed five-wave structure in C at 757 lvl., which means a minimum three-wave rally can now be in the cards, and is already underway.
If only a three-wave rally shows up, and then we see a new impulsive drop below the 757 lvl.. then this would suggest more weakness for a wave C.
If we get more impulsive price movement to the upside, and eventually above the upper parallel channel line, then this would suggest a bullish change in trend, and a completed red A-B-C correction.
WHEAT FUTURESWheat has brought us the target as strongly as it is made clear that there is more to give if God wishes.
WHEAT Looks Promising - Elliott waveWHEAT (MAR 2022) made a textbook example of an impulsive (five legged) wave, down from 831 high, and found a potential low for a higher degree wave A or 1 at the 774 lvl.. Price can now be in a temporary, corrective retracement labelled as an a-b-c flat of a higher degree wave B or 2. Possible resistance is at fib. ratio of 0.382/0.50.
In case if price starts dropping impulsively through the lower corrective parallel channel line, and below the 774 low, then we would consider a completed correction in B or 2, and further weakness.
WHEAT in leg v of a bearish turn - Elliott waveWHEAT is trading in a five-wave decline for a higher degree wave 1 or A from 831 high. We also see that price broke below the lower corrective parallel channel line, which is a confirmation that a temporary high is in place, and a change in trend underway.
At the moment we are tracking a sub-wave v of 1/A, down from 795 lvl., where a corrective sub-wave iv had ended (fib. ratio of 0.382 and 0.50 reacted as resistance). Sub-wave v can reach area near the 776/771 lvls., before an a-b-c move for a bigger 2/B correction may follow.
WHEAT turning bearish for a lesser five-wave move - Elliott waveWHEAT (Mar 2022) is trading as expected, turning in impulsive fashion down from 831 high of a former higher degree wave C. We labelled a five-wave move in progress for a higher degree wave 1 or A; sub-wave iv correction can now be underway, with possible resistance at the Fib. ratio of 0.382 or 0.50. Also the upper side of the lower parallel corrective channel line can react as resistance, and the former swing high of a wave b (796'2 lvl.). A sharp break below the 782 lvl. would suggest a completed minor correction and sub-wave v underway.
An impulsive fall, followed by a break bellow the lower corrective parallel channel line indicates a bearsih turn on the intra-day chart of wheat.
WHEAT FUTURESWheat went up but came back and broke the OTZ and came down hard, and God willing to achieve the goal.
Wheat Taking The Bullish Move - Elliott waveWHEAT (Mar 2022) found a low for a corrective wave B at the 776 level, near the Fib. ratios of 0.382 and 0.5, which can also react as support, and bounced sharply higher. A sharp rally above the upper parallel channel line, and above the former high at 803 lvl. is an indication that bulls are in control, and that correction is completed.
We are now tracking a five-wave rally, a new impulse labelled as wave C, which can target the upper parallel channel line, connected from the high of A. 825/835 area can be seen, and can be achieved in a five-wave fashion as previous wave A.
BULLISH ON US WHEATBullish clues:
- Strong uptrend in the commodity markets for a few years
- Double bottom last week
- Kind of a morning star candlestick pattern
- Above the neutrality zone on the Relative Strength Index (RSI > 50) , with a strong support
- The 200 Exponential Moving Average is a good support
- Strong rebond on the Kijun-sen (Ichimoku indicator)
- Switch of the Kumo (Ichimoku Cloud) where the price can easily cross. If the price cross it, it will also cross the 50% Fibonacci retracement level.
BUT, PAY ATTENTION TO:
Bearish clues:
- Bearish divergence on the Relative Strength Index (RSI) , but not in the oversold or overbought zones, so not so important
- Bearish oblique resistance from end of November 2021
Objective:
My first objective is $8.20 per bushel, the last swing high, reached on December 27, 2021.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
WHEAT FUTURESThe arrow inside very powerful reflections becomes powerful. Ada penetrates the OTZ and re-tests it.
MORE UPSIDE ON WHEAT, INTRA-DAY - ELLIOTT WAVE A five-wave rally on wheat (March 2022) from 737 lvl. on the intra-day chart makes a bullish sign, and suggests more upside, once current a-b-c correction fully unfolds. Correction can be a complex one, and can look for support at the 770/761 region, where wave iv and Fib. ratio of 0.618 sit.
Possible Wheat SetupWith the exception of an apparent fakeout in July there is a trendline going back to the previous July which is well respected. A triangle formation can be said to have started around April and looks poised to have a possible mid to late-November breakout. If a breakout happens between the green vertical lines I'll consider that an ascending triangle breakout and will target somewhere north of $9.00 going into next year. A similar setup was observed in natural gas when the price was around half of what it is now but I wasn't paying enough attention around the time it broke out unfortunately.
