WZ10 – December Wheat (Last:702^06)

December Wheat (WZ10) price chart with targetsWe stumbled onto a possible opportunity yesterday when someone asked about Wheat during the weekly tutorial session.  Notice in the accompanying chart that the recent high at 739.75 lies just 2.75 cents (per bushel) below an entry trigger on the monthly chart at 742.50. If and when the long trade is signaled, I would suggest finding a small abc to make entry with a commensurately small stop-loss. (The alternative, placing a stop beneath the 643.50 point ‘C’ of the larger pattern would risk a whopping 99 cents per contract.) I’ve set a screen alert myself and will update with a bulletin in the chat room if this gambit materializes. _______ UPDATE (October 18): Before wheat bores us to death with its by-now protacted pullback, we’ll remove it from the front page.  The 742.50 entry trigger will remain valid nonetheless until such time as 643.50 has been exceeded to the downside.