Elliott Wave Analysis: Wheat Stucked In A Probable Triangle Correction

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On the intraday chart of Wheat we are observing a probable three wave rise taking place, with price specifically trading in blue wave b. At the moment we see price trading quite choppy and overlapping, ideally in a triangle correction of a lower degree in sub-wave d). If that is the case, then more sideways price movement may follow, as waves d) and e) are still missing.

Regarding the alternate scenario, blue wave b could already be completed at the 406 mark, from where we can count a five wave rally as red wave i) and current price action may be an unfolding red wave ii).

Wheat, 1H

wheat-1

 

 

 

 

 

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A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivides into 3-3-3-3-3.

Basic Triangle Correction:

contracting-triangle

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.