Dip In Wheat Offered a Good Elliott Wave Buying Opportunity

In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of Wheat futures ticker symbol: $ZW_F, which we presented to members at the elliottwave-forecast. In which, the rally from 26 June 2020 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the Wheat & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Wheat 4 Hour Elliott Wave Chart

Above is the 4hr Elliott wave Chart from the 3/29/2021 update. In which, the Wheat made a bigger pullback to correct the cycle from 6/26/2020 low. The internals of that pullback unfolded as Elliott wave double three structure where wave W ended in 3 swings at $624.2 low. Up from there, a bounce to $683.4 high then ended wave X as a lesser degree zigzag structure. Down from there, Wheat started the Y leg lower & managed to reach the 100%- 161.8% Fibonacci extension area of W-X at $614.6- $572 area lower. From where buyers were expected to appear looking for more upside or for a 3 wave bounce at least. (It’s important to note that with further data we were able to adjust the degree of a pullback).

Wheat 4 Hour Elliott Wave Chart

Here's the latest 4hr Elliott wave Chart of Wheat from the 4/20/2021 update. In which the commodity managed to reach the blue box area at $614.6- $572 & showing a strong reaction higher taking place from the blue box area. Right after ending the double three correction within the blue box area at $593.6 low. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area. However, a break above $693 high still needed to confirm the next extension higher & avoid double correction lower.

Source: https://elliottwave-forecast.com/commodities/dip-wheat-offered-good-elliott-wave-buying-opportunity/