I think 3rd wave (red) is done. We are in the 4th wave of a sub wave. In the 4th wave there are ABC correction levels, right. So, I think we are done with A and B. Typically C is the longest. Inside the C wave there are 5 sub-levels and I believe we are in the 5th wave of C.
And the target are is the red rectangular. We could draw a butterfly pattern also but it...
The symmetric channel worked perfectly considering the support & resistance levels. I think if the wedge breaks out then it will swing and re-test (to-be) support levels. The final target is the 3rd wave extension.
On a larger scale, it seems ABC correction (2) is over. I counted ABC correction wave in smaller time frames. I think Wheat started its up-trend. TP points are shown on the graph. If requested, smaller time frame targets can be analyzed.
I think in 2021, wheat price will accelerate because of supply shortages due to pandemic. Just an idea.
Happy hunting !
After the 3 wave OMG started the correction wave. I think it completed AB and now it is in the C wave. In C wave it will correct 4th wave and down again to 5th wave. Then the C wave will over. It will take a bit time to finish ABC pattern but next it will start to go up! I will watch the momentum change at the bottom to be sure the correction is over.
On a big move ABC is over. Now on a small time frame I believe it is forming the 3rd wave. It will probably correct till 0.38 - 0.5% fib levels. Then I will update the targets. Also, in general it is known that it should re-test this resistance level.
So the 3rd wave was the top. And it seems we are in the C Wave of 4th wave. And even closer look, we are in the 4th wave of C. This means that it will go up to the green area (might extend a bit). But then the price will go down for the 5th wave.
After the 4th wave is over then we can start accumulating. For short term investment it can be bought but the...