Wheat RSI has floored. Elliot wave 1-5 complete, and wheat is still trying to sell itself off of a bearish flag. There is an outside chance of this becoming a Shark. More likelihood a Bearish Cypher. If up trend forms, looking at 430'4 and then 444'2. After 452. This could also fall more into extension in which case target numbers may change.
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Wheat rose today off of lows. Hit 429 and almost got to 430'4. Cross over 430'4 and stable will make a possible climb to 444'2 and then 448'4
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Wheat gapped up Sunday night heading for 450.0
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Wheat made 453 today and may overcome this. Next upside target is 466 which will put it in overbought territory. Weather is hampering planting in the southern States, so we may see further upside to this market.
