Another instrument that we have been trading lately is Wheat Futures ( $ZW_F) . In this technical blog we’re going to take a quick look at the Elliott Wave charts of Wheat ( $ZW_F) , published in members area of the website. As our members know the commodity is showing impulsive bullish sequences and we are calling for the rally. We advised members to avoid selling $ZW_F and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. Recently the commodity made pull back that has given us nice opportunities to enter the long side again.
In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
Wheat ( $ZW_F) 1h Hour Elliott Wave Analysis 11.30.2021
Wheat is bullish against the 677’6 low.in first degree. We are getting wave 4 red pull back that is unfolding as Elliott Wave Zig Zag pattern. Pull back looks incomplete at the moment. The price structure is showing lower low sequences from the peak, suggesting more short term weakness toward 786’5-753’3 area. We don’t recommend selling the commodity and favor the long side from the blue box area. As the main trend is bullish, we should get 3 wave bounce at least from the Blue Box buyers zone. Invalidation level for the trade would be break below 1.6148 fib extension (753’3)
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
Wheat ( $ZW_F) 1h Hour Elliott Wave Analysis 12.03.2021
Eventually we got proposed extension down toward our buying zone. The price reached equal legs ( blue box) at 786’6-753’4 and made turn higher as expected.We got decent reaction so far. So , members who took long trades at the blue box are now enjoying profits in a risk free trades. We expect to see further rally as far as 770’3 low holds, however would like to see break above 10/24 peak to confirm next leg up is in progress.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room
Elliott Wave Forecast