Wheat Elliott Wave Analysis – Trading Lounge

Wheat appears to be nearing the final phase of its long-term bearish cycle, which began after the peak in March 2022, where prices surpassed $1360. From that high, a distinct impulsive wave pattern has developed and is now approaching its conclusion. A reversal or recovery move to the upside could begin in the coming days or weeks, potentially initiating a multi-month corrective phase.

Wheat Daily Chart Analysis

The daily chart reveals a prolonged bearish impulse wave structure from the March 2022 high. Waves (I) through (IV) occurred between March and October 2022. Since then, wave (V) has been unfolding as a diagonal, now in progress for over two and a half years. The pattern suggests a possible nearing of the end of wave (V), which could prompt long-term bearish traders to start closing their positions.

Wheat H4 Chart Analysis

On the 4-hour chart, attention is on wave V within the diagonal structure of wave (V). This wave V itself has taken a three-part form. Wave ((A)) was an impulsive structure formed between May and July 2024. Following that, wave ((B)) formed a double zigzag pattern, spanning from July 2024 to February 2025. Currently, wave ((C)) is developing as a diagonal and is in wave (4) of ((C)). One final move lower, potentially reaching the $500 mark or slightly below, would complete wave ((C)) of V and finalize the bearish cycle started in March 2022. A prolonged bullish correction could then commence, lasting several months.

Technical Analyst : Sanmi Adeagbo

More By This Author:

Elliott Wave Technical Forecast: Cochlear Limited - Tuesday, May 20
Elliott Wave Technical Analysis: Texas Instruments Inc. - Tuesday, May 20
Elliott Wave Technical Analysis: Australian Dollar/U.S. Dollar - Tuesday, May 20