- Possible patterns being formed: rounded bottom June/2015 - June/2016 + June/2015 - June/2016 = I call it a "sleepy smiley" formation :-)
We also have a possible , where the major downtrend line was penetrated three weeks ago.
- EWO , value is briefly above zero now.
- Heikin-Ashi still shows some hesitation, with haDelta/SMA3 around zero.
- Key levels for a decent breakout: 495 and 525. If Wheat breaks above 525, it will deliver a multi-year startegic trend reversal, wih initial tgt to 600-640 zone!
- There was a quick spike to a slightly higher high, which looked promising, but momentum was not enough to reak above 525 key resistance. Correction was stronger than I previously expected, Price dipped back below Kijun, but it seems spot Kumo, 100wma and minor supports started to work and block sellers.
- has a bias with Price to system relation as kind of neutral. momentum would pick up above 490-4495.
- Heikin-Ashi shows loss of counter momentum. We may have a buy signal in coming days from this important 470-480 .
- EWO bounced back to zero. (neutral)
I think 472-479 is a good risk/reward accumulation zone to build initial 1 unit trade size. Initial stops has to be place ard 460. Leverage up position only if you see confirmning signals!
Note: look what Soybeans and Corn have done so far! For now Wheat is the weakest among all, but if it is really a sleeping princess, sooner or later it might join them in the move!
For now also Soybeans and Corn turned lower.