Wheat Developing Triple Zigzag with Bearish Seasonality
Wheat's wave count doesn't look exactly textbook, but after having counted the subwaves, I'm convinced that wheat is developing a triple zigzag. The first zigzag is disproportionately large compared to the second zigzag, but this sometimes happens in a double or triple zigzag when the first zigzag has a significant retracement.
I'm not sure how long it will take for the third zigzag to complete or how far it will retrace, but wheat has bearish seasonality until September 13, so I have drawn the down arrow until this date because it is my best guess. After more subwaves develop, I should have a more accurate estimate.
I'm not sure how long it will take for the third zigzag to complete or how far it will retrace, but wheat has bearish seasonality until September 13, so I have drawn the down arrow until this date because it is my best guess. After more subwaves develop, I should have a more accurate estimate.