March wheat looks to have finished or very well could be very close to finishing this 3rd of the 5th wave lower.... and im expecting a deep corrective wave 4 to push back over the 6.00 price. As of this writing wheat is trading down 5 cents @ 5.60 n change.
If indeed we are finished with this c leg of this expanded flat in wheat for wave 2 a break over 7.20 will be my first indication that a bottom is in place.
Short term price: its very possible we could see a test of the 525-530 area as expanded flats typically moves past the point of where wave A ended on july 4th 2011 which would be @ 565.00 as seen on a weekly chart.
Long Term projections
I believe that much higher prices are coming over the next 3-5 yrs. My price targets for wheat in this time frame are would be somewhere in the 22.00 price area
Trade today: (buying march wheat at 561 )
No comments:
Post a Comment