On member request, I am venturing into the soft commodities 🙂 a first. I am not a great fan of commodities as those mostly traverse in ABC’s and not in clear impulses like many tech stocks. But, here it goes.
Looks like $WHEAT put in a significant long term top in 2008 and is now correction back to very low levels. So far we have a clear (blue) AB structure off the TOP, with blue B (primary) being clearly 3 waves: (black) major abc.
Likely (black) major a of primary C completed at the 61.8% of the prior Primary A wave, and major b should now be underway to ideally $595-675; which is strong Support/Resistance. Then a possible c=a extension targets $22 waaaay out. Please note that these forecasts are highly uncertain as there’s very little data yet to suggest this is the right course. These are forecasts based on an ideal-world and we all know ideal worlds don’t exist.
Nevertheless, the monthly MACD is on a buy, the RSI5 and A.I. (both not shown) are also pointing up and on a buy signal, thus we can expect higher prices over the next few months. That’s rather a given IMHO. So let’s focus on the S/R zone as a price target first.