7pasos

Decline just about to test strength

CBOT:W1!   WHEAT FUTURES
177 0 0
After the historic high's for the wheat             , its price has declined in a 5 wave fashion
and then afther it we can observe what can be identifiable as a 3 legs upside correction.
Then the price start to fall again few months ago.
Actually the price is near a stage where will need to prove the strength of the decline by breaking the elliott channel.
I'm kind of skeptic of the clear break in this chance, mostly because is more probable the existence of a deep pullback, to extend in waves the fall (most often the C and 3 waves tend to do it) so, mi guess is that the prices perhaps will show some idea of strength in the decline, like pushing down to the very support penetrating the lower band of the uptrend channel but then will pull back for an ABC correction to the upside and then will fall again with a more convinced market for the decline.
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