July Wheat formed a bullish five-wave continuation pattern between April 25, 2011 and the May 13, 2011 reversal date. The market posted pivot low on the May 13th reversal date and turned higher, followed by three higher price bars and a close above the 20-day EMA. The price action was followed by a pullback to test the 20-day EMA, forming a bullish reaction swing that could mark the beginning of a new bullish reaction cycle. A trade above $8.23 1/2 will trigger a new buy signal. I will have updated information about this swing trading signal in the TMV Swing Trading report.
