Wheat update

Sunday, January 31, 2010

As expected, wheat still in his downtrend to complete 5 waves. On the big picture, the EW's suggest the formation of a triangle from the 2009 lows. However, recently wheat activated an H&S's. Thus, the bulls must be attention and use stops below the 2009 lows.




At short term the harmonic analysis suggest at least a small rebound. However, by EW's the last pattern was made by simple abc, which turns the big picture a little more bearish.
Despite this, GBP still inside the consolidarion area but I believe the price will precipitate if the support/resistence is broken.



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