Wheat achieved a high of 590 in early 2020 and has subsequently moved down in 2 waves , within a channel structure .
There may be another wave to the downside ( suggested by the recent 8/13 MAV cross down). The malalignment of the longer term MAVs (30/50) suggests this will only be a short term corrective move.
A suggested short is
1. Enter - around 5.15
2. Target prior range low 4.13
3. Stop - just above prior channel swing high 5.50 ( 3atr)
4. RR - 2 +
There may be another wave to the downside ( suggested by the recent 8/13 MAV cross down). The malalignment of the longer term MAVs (30/50) suggests this will only be a short term corrective move.
A suggested short is
1. Enter - around 5.15
2. Target prior range low 4.13
3. Stop - just above prior channel swing high 5.50 ( 3atr)
4. RR - 2 +
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