Wheat- Is this just a small pull back,or start of a bigger move?
Weekly:
- Ichimoku setup is bearish, with thick Kumo far above Price. However Price got far away from Kijun Sen, sooner or later it should attract Price back towards equilibrium.
- Weekly Heikin Ashi candle with haDelta signals a start of a pull back, and possible more counter bullish Price action (correction) towards the supports (Kumo, 100 WMA, and/or Kijun Sen
Daily:
- Ichimoku setup is bearish until Price is below the Kumo. However Price has just reached an important support at Kijun Sen, and also at a shorter term bearish trendline.
- Heikin Ashi setup has been short term bullish for the last 6 trading days (with some hesitation mark at yesterday candle)
- Price needs to break above 502 to turn into firm bullish on the daily time frame. In that case, looking ahead the possible tgt would be 570. If you check it on the weekly chart, weekly Kijun Sen is ard 570 too.
Based on the rule that the higher time frame dominates the lower, I think there is some increasing chance for an extended pull back above 500. When it will happen (if it happens at all) I don't know. I know only, that we have to focus on 502 as the primer key level.
- Ichimoku setup is bearish, with thick Kumo far above Price. However Price got far away from Kijun Sen, sooner or later it should attract Price back towards equilibrium.
- Weekly Heikin Ashi candle with haDelta signals a start of a pull back, and possible more counter bullish Price action (correction) towards the supports (Kumo, 100 WMA, and/or Kijun Sen
Daily:
- Ichimoku setup is bearish until Price is below the Kumo. However Price has just reached an important support at Kijun Sen, and also at a shorter term bearish trendline.
- Heikin Ashi setup has been short term bullish for the last 6 trading days (with some hesitation mark at yesterday candle)
- Price needs to break above 502 to turn into firm bullish on the daily time frame. In that case, looking ahead the possible tgt would be 570. If you check it on the weekly chart, weekly Kijun Sen is ard 570 too.
Based on the rule that the higher time frame dominates the lower, I think there is some increasing chance for an extended pull back above 500. When it will happen (if it happens at all) I don't know. I know only, that we have to focus on 502 as the primer key level.
