Check my related idea. Daily cycles that fuelled the recent move top somewhere around the 22nd of January and the longer term cycle is down till late February. All upside price targets have been reached and it's time to take profit and consider short. To see real weakness wheat has to close below 650.
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We took profit right around the top - 690 and now wheat has corrected all the way down to 634. Daily cycles topped and the weekly cycle is down - downside price target is around 575. However, very short term we could see a little bounce - insignificant.
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Now you can very clearly observe that cycles topped around the 20th of January at the 700 resistance level. Every bounce has less power then the previous, as a result we see lower highs and lower lows. Cycle turned down and trend is down.