WHEAT is trading in a five-wave decline for a higher degree wave 1 or A from 831 high. We also see that price broke below the lower corrective parallel channel line, which is a confirmation that a temporary high is in place, and a change in trend underway.
At the moment we are tracking a sub-wave v of 1/A, down from 795 lvl., where a corrective sub-wave iv had ended (fib. ratio of 0.382 and 0.50 reacted as resistance). Sub-wave v can reach area near the 776/771 lvls., before an a-b-c move for a bigger 2/B correction may follow.