WHEAT - Broadening Bottom / Falling Wedge
Beautiful weekly chart here on Wheat, attempting to break the supply line coming down from the highs here, and challenging local resistance.
Real clean double bottom nearing the apex of consolidation here. Holding above 578 keeps you above the range low, and the expectation would be a resolution to the top of the broadening formation.
Typically this is where youd expect a partial decline, and retest of the range high, statistically favoring a breakout when confirmed.
Targets would be into extension levels, and eventually a full return for the measured move challenging the highs once again.
This is a long term position trade until invalidated and will be following lower time frames to add.
Real clean double bottom nearing the apex of consolidation here. Holding above 578 keeps you above the range low, and the expectation would be a resolution to the top of the broadening formation.
Typically this is where youd expect a partial decline, and retest of the range high, statistically favoring a breakout when confirmed.
Targets would be into extension levels, and eventually a full return for the measured move challenging the highs once again.
This is a long term position trade until invalidated and will be following lower time frames to add.
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discord.gg/2b6UjxEY
Join our free discord.
Join our free discord.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.