New Multiyear Low in Wheat – Wait For 1-2-3 Bottom Formation

As can be seen in the Monthly and Weekly Wheat charts below, Hard Red Spring Wheat has hit a multiyear low.   We are going to wait and see if this current #1 point of a 1-2-3 bottom formation shapes up (with the formation of a #2 point) or if wheat is headed even lower.   There is huge upside potential since the 50% retracement level in the Weekly Wheat Chart is at 849.  Even on the Daily Wheat Chart, the 50% retracement (from its current low) is 721.25 which gives us plenty of upside potential on this long trade in wheat.

Daily Wheat - March2014

Monthly Wheat Weekly Wheat

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