Wheat update - 26/04/2022upside focus remains, expecting a strong move higher near 1400 to complete wave (5), critical support at 967.2
ZW2!
ZW2! update -18/04/2022expecting a strong move near 1400 to complete wave (5), next key level to note at 1139.6, critical support at 967.2
wheat ideaHi friends,
wheat long to 618 as new wave 1 of the 3, then down for wave 2, the count will be 1 2 1 2, will update it when it done after that boom 3rd wave.
do not forget to follow me ^^
Long Term Prospects for WHEATUSDThe WHEATUSD, symbol ZW, is in a rally within a Bear Market with price trading above the 50 week ema and the 200 ema, but below the 800 week ema. The the long term emas are mostly flat, signaling accumulation / distribution. The price action appears to be finishing up the e-wave of a b-wave which should resolve in a c-wave down into late Spring. There is a definite Seasonal aspect to this market with strong rallies that occur around June time frame.
The Market is in a Bull Market on the daily, with price above the 50 ema, which is above the 200 and 800 emas. The 50 ema is in a strong uptrend along with the long term emas.. Price is topping out in the c-wave of a a-b-c rally and looks like it is putting in a M-Top. Price can be considered to be in an uptrend as long as it is above 549’2.
The Market is in a Bull Market on the 4 hour, with price trading back above the 50 ema, which is above the 200 ema, and above the 800 ema. Price is now technically correcting, having pulled back to the 30 ema, which is a warning. This market is out of E-waves. Probably trade up in the back end of the coming week to finish out an M-Top formation, before starting a greater down-trend.
This is my WHEATUSD look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
