CBOT:ZWN2013 WHEAT FUTURES - ECBT
The price of wheat is currently resting on the purple line of the last upward fan with the 1/1 grey line from the last downward fan just ahead and strong . I suspect a break is coming soon.
The fisher looks exhausted with the cat eared bottom on left of chart and is building to a possible crossing of the white zero line into positive territory. The trix is rolling over now for another run up as the yellow (3) and orange (4) have crossed the red (5) line . Also, there is divergence on trix with price (higher lows). Finally the candles, I see a potential reversal pattern. Price could make another run up this coming week and break the yellow downtrend line or it could bounce back down off this line and back to the yellow horizontal trend line for a third point. If the yellow horizontal trend line holds we are looking at the low in wheat now. A break of the horizontal trend line would indicate a bearish sentiment. Otherwise, I am bullish here.