Elliott Wave Forecast Team
ElliottWave-Forecast.com
The chart below is ZW #F h4 update from 2.6.2017. Price structure is showing incomplete bullish sequences in the cycle from the 01/12 ( red 2) low. As of right now we can count 5 swings from the mentioned level. Fifth swing ended at 437'4 high and 6th swing is about to complete. It's Marked on the chart as wave ((b)). Once the proposed ((b)) pull back completes, another swing up should ideally follow to complete 7 swings at 446'1+ area. As our members already know, market moves in 3-7-11 swings sequences and this kind of structures in most cases give us the clear path.
Wheat ZW#F 4 Hour chart 2.6.2017
Now , when we got 4h trend , let's take a look at the short term structures and see how we found the reversal area.
Wheat ZW#F 1 Hour chart 2.7.2017
The price is correcting the cycle from the 412'6 low. Pull back is having form of double three elliott wave pattern. It has reached the inner equal legs (w)-(x) at 422'2 area , with potential to make another marginal push down toward 1.236 fibs at 419'7. Besides incomplete bullish sequences from the 01/12 low, we also have clear 5 wave rally from the 412'6 low that are followed by double three pull back. This structure also suggests that further rally should ideally happen in new 5 waves to the upside.
Reversal area comes at 422'2-419'7. We advised our members to avoid selling the instrument, favoring another leg up due to a 5 swings we have in h4, and 5 waves in h1 time frame.
Wheat ZW #F h1 chart 2.8.2017
Eventually Wheat Futures found buyers at mentioned equal legs :422'2-419'7 area, as we expected. The price completed ((b)) pull back right at the 1.236 fibs extension at 419.7 low and made decent reaction from there there. Currently the price is reaching short term equal legs from the 419'7 low @ 431'2-433'0 that can provide short term pull back before rally ideally resumes toward new highs above ((a)) peak. Members who bought the instrument at the equal legs are now enjoying profits within positions that are already risk free.
Wheat ZW #F h1 chart 2.14.2017
419'7 low held nicely during the proposed pull back and we got further rally in 5 waves rally. Wheat futures eventualy broke above ((a)) peak as expected.
Note: Some labels have been removed in order to protect client's privileges. Keep in mind that market is dynamic and the view could change in mean time. Success in trading requires proper risk/money management, so does understanding of Elliott Wave theory, Cycle and Correlation analysis . If you're interested in the future path of any of 50 instruments we cover, you can find Elliott Wave analysis in the membership area of EWF.
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Recommended Content
Editors’ Picks
AUD/USD tumbles toward 0.6350 as Middle East war fears mount
AUD/USD has come under intense selling pressure and slides toward 0.6350, as risk-aversion intensifies following the news that Israel retaliated with missile strikes on a site in Iran. Fears of the Israel-Iran strife translating into a wider regional conflict are weighing on the higher-yielding Aussie Dollar.
USD/JPY breaches 154.00 as sell-off intensifies on Israel-Iran escalation
USD/JPY is trading below 154.00 after falling hard on confirmation of reports of an Israeli missile strike on Iran, implying that an open conflict is underway and could only spread into a wider Middle East war. Safe-haven Japanese Yen jumped, helped by BoJ Governor Ueda's comments.
Gold price jumps above $2,400 as MidEast escalation sparks flight to safety
Gold price has caught a fresh bid wave, jumping beyond $2,400 after Israel's retaliatory strikes on Iran sparked a global flight to safety mode and rushed flows into the ultimate safe-haven Gold. Risk assets are taking a big hit, as risk-aversion creeps into Asian trading on Friday.
WTI surges to $85.00 amid Israel-Iran tensions
Western Texas Intermediate, the US crude oil benchmark, is trading around $85.00 on Friday. The black gold gains traction on the day amid the escalating tension between Israel and Iran after a US official confirmed that Israeli missiles had hit a site in Iran.
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu, WIF token’s show of strength was not just influenced by Bitcoin price reclaiming above $63,000.