Wheat looking for a bottom? A reversal can be here
Wheat is quite interesting, regarding the fact that there may be a big drop dating back to June that can be coming to an end. We see an extended Blue Wave "v" potentially finished in the 390 region, which means a three-wave bullish reversal can come into play. On the lower time frame, we have a closer look at the structure. Here we see a five-wave within the Blue Wave "v" and now we also see a nice sharp recovery approaching the 411 swing high. Ideally, a bigger change in trend will come along and more gains will show up on wheat.