Wheat Correction Points Lower: Elliott Wave Analysis
Gregor Horvat | Jan 10, 2019 11:17AM ET
Hello traders,
After a five-wave drop on wheat from the highs, we can see that price started to sharply recover. This recovery can be part of a three-wave correction within wave two, which can look for resistance and a bearish drop near the Fibonacci ratio of 61.8(525 area). That being said, if we get a sharp drop below 500 area, then this would confirm a completed wave two correction at the 523 level.
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