Wheat (futures)

Hi,

today a little look to the Wheat (continuous futures) and the way it has been on a very harmonic mood since 2010.

Harmonic ratios have indeed work very well so far. You can see on the figure below first a bearish harmonic impulse wave with a 88,6% retracement (in blue color). Inside this pattern a bullish 5-0 pattern (which failed on the 50% retracement) and so on with the red pattern...

It seems that prices are heading to the 600USD where there is a concentration of Fibonacci ratios and that could be a good entry for a trade on the long side provided PRZ is validated on that level.



Before that watch for a possible bullish reaction on the 580 USD support. However be aware that prices are currently on phase 2 on Bollinger bands (i.e. bearish impulse with volatility increase) so don't try to catch the knife.

See U
Pj.