Wheat: Trend Up
Eddie Tofpik | Aug 03, 2018 08:05
Last time I moved the bullet point above into Neutral from Mildly Bullish as I thought we were in an unsure market...Neutral by default which...
This then prompts the question...are we too timid to go through either the Long MA and some associated supports and Fibs plus are we also too timid to overcome the Band of Fibs 515 - 507? Are we going sideways or consolidating for perhaps another Halfway Hesitation down or building for a try back up? It is too early to tell [...] the KR Down yesterday and its subsequent lack of action speaks volumes!.
So...supposing the market with a tendency for the upside as the downside lacked imagination we saw the week after my review have a Daily Key Reversal Down but a Weekly Key Reversal UP...schizoid markets again! Changeover favoured the upside (and the Weekly KR Up) as we opened over the Medium MA, made another two Daily Key Reversals Up the next week (see the Daily Chart above) and rode higher from there.
We hesitated around the May high at 570 but broke up through properly this past week and made that rare thing over Jul...a Monthly Key Reversal Up! Where now? Well, we're halting at some previous resistances at 589 area at this time but one could see this rise up to the Jun 2015 high at 618 or even to the Upper Tine of the Mar - Jul Schiff Pitchfork (currently 621). This is a big ask but this is a big move going on here...we have a Monthly Key Reversal Up after all...and deserves such respect. Downside...initial thoughts are for a fall back down to the Middle Tine of the AP (currently 555) but you'd need to get below the very recent 50% Fib currently at 528 to hope to temper the move higher. Neutral would really be below the Medium MA (currently 509). Finally, I note the two Golden Crosses of the Short MA (currently 531) up over the Medium MA and the Short/Medium MA (currently 523). With all MAs pointing higher plus the Bullish Reversals we've seen, it is appropriate to move the Bullet point above into fully Bullish.
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