Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Wheat Future ZW_F , published in members area of the website. As our members know, ZW_F is another instrument that we have been trading lately. Future is showing higher high sequences in the cycle from the June (468’2) low . The price structure of Wheat Futures has been calling for further rally. Consequently, we advised members to avoid selling ZW_F and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and trading strategy.
Wheat ZW_F 1 Hour Elliott Wave Analysis 10.02.2020
Current view suggests the commodity is bullish against the 538’0 pivot . As of right now we are getting ((iv)) pull back. The price has already reached equal legs area at 566’2-555’1 (buyers zone). We favor the long side from the marked blue box area. As the main trend is bullish, we expect to see 3 waves bounce at least from the mentioned zone. Once the price reach 50 Fibonacci Retracement against the(b) blue peak, we should make long positions Risk Free ( put SL at BE).
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page .
Wheat ZW_F 1 Hour Elliott Wave Analysis 10.07.2020
Wheat futures found buyers at 566’2-555’1 , the Blue Box area. We got nice rally from there, when wave ((ii)) pull back completed at 561’2 low. All longs from the blue box should be risk free at this stage. As far as the pivot at 561’2 pivot holds , we expect ZW_F to keep trading higher within wave ((iii)) as shown on the charts. We don’t recommend selling it, and favor staying long from the blue box in risk free positions.
You can check most recent charts in the membership area of the site. Keep in mind not every chart is trading recommendation. The best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room .
Elliott Wave Forecast