7pasos
Long

The ugly picture for wheat

CBOT:ZW1!   Wheat Futures
At the beginning of the 2008 while the sub prime crisis start to be feared by all the wheat             touched peaked, since then until mid 2010 the price dis-inflated severely (lost around 65% at the time from the $1320’s to a very better $480’s the contract.
But as the recovery geared traction from 2010 it reduced the lost of price more than half when made at end of 2012 the almost 960 high. Since then the price reduced again in this deflationary scenario that are so worrisome for all till the 551 low at beginning of this year.
The pattern for this decline since the 960 highs is clearly an impulse as you can see, the question lies on the context: Is this a beginning of a new trend that eventually lead to a new lows or was just a C from a corrective pattern meaning that the wave had end and therefore will rise again, and if so, how high it will get.
Unfortunately I think this is not a new low impulse, and I’m more convinced that its about a C wave in fact the end of a B wave of higher degree and if I’m right we are about to see a new rally that could take us beyond the 960, and even more, at least near the 2008 high.
Let me explain the actual pattern that think is developing:
It's named flat. The flats usually gets its b wave near to the origin of wave b if its an standard and even beyond it in the more common expanded flats.
It's characterized by starting with a simple acute correction named zigzag as you can see before the bold a in the chart.
Since then and by recognizing the fives (the most famous patter under Elliott wave principle) you can determine the rest of the puzzle, for example, an impulse that is not followed by another one must be the c wave of a corrective pattern, like happened since last quarter of 2009 until the very beginning of 2011. Even when there were a new high never appeared a new complete 5 structure of the same or greater extent, therefore, the chances are that this was a C wave, in fact to be the end of A)) of bold b.
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Since there a new expanded flat is developed and ended, exactly with the impulse that concluded at the beginning of the 2014, the lowest price for almost the last 4 years to make a B)) of bold b.
Since then you can see an steep climb that seems to be a five, followed by an also fast decline. If the B)) wave lows hold, the price will confirm it’s intentions to start a new up pattern, now after 2 correctives ( A)) and B)) patterns ) in this case a C)) wave in shape of an impulse.
How high it could get? Well, based only in the actual pattern at least to the A)) high, meaning 892. But if you consider the context, due we are making a b wave of a flat as we think the usually target is the near of the beginning of the a wave (in this case bold a) which is at the 1320
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