Wheat Elliott Wave analysis
Function: Trend.
Mode: Trend.
Structure: Diagonal for wave V.
Position: Wave C of V.
Direction: Wave C of V is still in play.
Wheat prices have extended their rally from May 13, 2025, and may soon reach an extreme level. This could mark the point where a new wave of selling begins. The broader bearish cycle that started in March 2022 still looks incomplete, suggesting that sellers might be preparing for renewed pressure.
Wheat daily chart analysis
Wheat is nearing the final phase of a bearish impulse wave that began in March 2022. The current fifth wave in this cycle has taken significantly more time to unfold compared to waves one through four. Despite this, the structure still appears unfinished. Wave (V), which started in October 2022, is forming an ending diagonal — a pattern that typically signals the conclusion of a trend. This suggests that a major bullish corrective phase, lasting months or even years, could start after one more downward leg.
Wheat four-hour chart analysis
The 4-hour chart reveals that sub-wave ((B)) of V of (V) ended at 621 in February 2025. From that point, wave ((C)) began, completing sub-wave (W) of ((C)) on May 13, 2025. The current upward move represents wave (X) of ((C)), and it's expected to remain below 621.75. However, resistance is likely to form within the 609.58–578.35 range. Once this zone is tested, wave (Y) lower could begin, with potential price targets at $500 or below — a level likely to attract renewed selling pressure.
Wheat technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended Content
Editors’ Picks
US Dollar set to rock on June inflation data – LIVE
June Consumer Price Index (CPI) data from the US is set to ramp up the market volatility in the American session. Markets price in 50 basis points of Fed interest rate cuts by year-end, with the first reduction expected in September. However, hotter-than-expected inflation data could alter expectations.
EUR/USD closes in on 1.1700 as US CPI data takes center stage
EUR/USD extends gains to near 1.1700 in the European session on Tuesday. The pair draws support from a broad US Dollar retreat as traders refrain from placing fresh bets on the Greenback ahead of the US CPI inflation data. Upbeat German ZEW Survey and Eurozone industrial data also aid the pair's uptick.
Gold price retains intraday positive bias; remains close to multi-week top ahead of US CPI
Gold price sticks to modest intraday gains around the $3,360 region heading into the European session and remains close to a three-week high touched the previous day. The US Dollar eases from a multi-week top amid some repositioning trade ahead of the crucial US consumer inflation figures, which is seen as a key factor acting as a tailwind for the commodity.
GBP/USD recovers to 1.3450, awaits US CPI for fresh impetus
GBP/USD is on a gradual recovery from three-week lows, testing 1.3450 in Tuesday's European trading. A cautiously optimistic market mood combined with a broadly weaker US Dollar underpins the pair ahead of the critical US CPI data and BoE Governor Bailey's speech.
China’s first-half growth remains on track, though activity data signals caution
China's second-quarter GDP beat forecasts again with a 5.2% year-on-year growth, driven by strong trade and industrial production. Yet sharper-than-expected slowdowns in fixed-asset investment and retail sales and falling property prices are a concern.
Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.