July Wheat competed a downward trending 5-wave continuation pattern between the April 25, 2011 and May 12, 2o11 reversal dates, with a pivot low at $7.23. The market tested the lower parallel line support on the May 12th reversal date and turned higher. The pivot low was followed by a strong two and half day price surge to $834 1/2. Now the market is pulling back to test the 20-day EMA and forming a potentially bullish reaction swing. This could set up a significant swing trading opportunity for next week. Keep you eye on the daily TMV Swing Trading report, or my intra-day blog updates for a new recommendation for the July Wheat.
