Wheat Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Wheat Elliott Wave analysis

Since its peak in March 2022, Wheat prices have dropped nearly 62%, falling from over 1360 to around 530. However, this bearish cycle appears to be nearing its end, and a multi-month bullish phase may soon begin, correcting the over 28 months of sell-off.

Daily chart analysis

On the daily chart, the decline from the March 2022 peak of 1364 has been unfolding as an impulse wave structure. This structure is now in its final stage, with the 5th wave close to completing an ending diagonal pattern. Although Wheat prices could still drop to 500 or slightly below, sellers should be cautious at this juncture. The coming weeks and months are likely to see short positions being exited, making way for new bullish positions.

Four-hour chart analysis

The H4 chart shows that wave c of (5) of 5 (circled) is about to complete, likely forming an ending diagonal structure. The 500 level is expected to provide strong support, leading to at least a 3-swing bounce that could push prices above 800.

Summary

In summary, the Elliott Wave analysis for Wheat suggests that the current bearish cycle is nearly complete, and a significant bullish correction is likely to follow. Key levels to watch include the support at 500 and the potential bounce to above 800. Traders should be prepared for the end of the current decline and look for opportunities to enter long positions as the market transitions into a new bullish phase. By monitoring wave structures and critical price levels, traders can anticipate future movements in the Wheat market and make informed decisions to capitalize on the impending uptrend.

Wheat Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.