This is a update to the post below on 10/26/20
Wheat has taken out the long term swing point of 590.00, this area was a major Gann square 23.6% back to the 2008 high and 38.2% back to the 2012 high. The market had two major setbacks from this area, once in August of 2018 and again in January of 2020. They retested it on 10/13/20 and are now on the way to our long term target of 730.00, this is 38.2% back to the 2008 high. Like the Beans and Corn, this will be the level that tells us if much higher prices are to come. Continue to use the 590.00 as the swing point, but it will have to take out 38.2% back to the 2019 low to turn the trend negative, this level is 553.00.
Where we are now,
The setback in the Wheat held the 590.00 swing point, but has yet to make new highs. Our long term target of 730.00 remains as long as they stay above 590.00. With a couple close's below 590.00 look for 38.2% of the move up at 555.00, it is this level that would have to be taken out to turn the long term trend negative.