September Wheat could continue to trade higher until it reaches the newly projected reaction line. The market had reached the previous reaction at $5.66 during Wednesday( July 14) trading session, before backing off and closing at $5.59. This time and price objective where determined from the TR pattern. (See blog entry from July 12). However, today’s price pushed through the down-sloping reaction line and climbed to a new six-month high. The new swing pattern signal was triggered at $5.47 12 on July 13th, after the market confirmed the new bullish TC swing pattern formed between July 8 and July 12. (The beginning and end of the reaction swing are marked on the chart with the green dots.) Using the newly confirmed TC pattern as the cycle center, the reverse count projects the next reversal date for July 21st as well as a new target objective at the reaction line. By John Crane
I will have updated information on this market and other in the next issues of the Traders Market Views Swing Trading Report. Check it out for yourself.
