Hello fellow traders. Another trade setup we have advised to members recently is WHEAT (ZW #F). In this technical blog we’re going to take a quick look at the past Elliott Wave charts of ZW #F published in members area of www.elliottwave-forecast.com, explain the forecast and trading setup.
As our members know, WHEAT have incomplete and a bullish Elliott wave sequence in the cycle from the 8.29.17 low, suggesting further strength toward 473.6 +area. Consequently, we advised our members to avoid selling and keep on buying the dips in the sequences of 3-7-11 swings. Let’s take a look at the previous short term Elliott Wave forecasts.
WHEAT (ZW #F) 1 Hour Elliott Wave Analysis 2.20.2018
As we can see on the charts bellow, the price has ended short term cycle from the 438’6 low as double three Elliott wave structure. Wave (w) blue has wxy red inner labeleing. Currently the price is doing pull back against the mentioned low, wave (x) blue. Inner structure of ((b)) wave pull back is proposed to be wxy red Double Three , when wave y can see 451’0-447’6 area ( potential buy zone). In the mentioned area (blue box) buyers are expected to appear for further rally ideally or 3 wave bounce at least which should allow us to get in a risk free position. Invalidation for the longs would be below 1.618 Fibonacci extension : 442’5 level.
WHEAT (ZW #F) 1 Hour Elliott Wave Analysis 2.20.2018
We got proposed push lower toward our buying zone : 451’0-447’6 . ZW #F found buyers there and gave us nice rally. Members are enjoying profits with risk free positions. Now, the price has reached the extremes from the 444’6 low at 463’2-466’0. We expect to see 3 wave pull back before further rally resumes. Keep in mind market is very dynamic and short term view could have ended in meantime. If you’re interested in new trading setups you can find them in the membership area of EWF.
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