Wheat Elliott Wave Analysis

Wheat prices remain bearish despite the current bounce from the current January low. The bounce is expected to be limited below the October 2024 high and then turn lower to continue the larger bearish cycle from March 2022.

Wheat Chart Analysis - Daily Chart

On the day chart, a bearish impulse structure emerged from March 2022 when the commodity was exchanged for $1364. Price is currently in the 5th wave of this bearish impulse - wave ((5)). Within wave ((5)), the price is in wave (5) which is evolving into a diagonal structure. Meanwhile, wave (5) is close to completion. Thus, the commodity may soon start a long-term bullish correction that could last for a few to several years.

Wheat Chart Analysis - H4 Chart

The H4 chart shows wave (5) in the leg - wave C. Wave C of (5) is evolving into a double zigzag structure. The current bounce is wave (b) of ((c)) of C which is now at a ket Fibonacci zone where it could be resisted. While the current bounce ends below 577, the downside should continue for wave (c) of ((y)) which is expected to finish wave (5) of ((5)) to complete the bearish impulse cycle from March 2022. If price action emerges as expected, wave (c) could extend to 500 and below.

Technical Analyst : Sanmi Adeagbo

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