When doing technical research, we all have some version of a “holy grail” trading setup in our minds. For me, that setup came together last week with Wheat futures.
Below is a chart highlighting the harmonic price pattern in Wheat futures. This setup produced a short-term top last week that is seeing follow through declines this week.
The specs of this pattern are as follows:
- Very Clear and Symetrical 5 wave complete elliott wave pattern that precedes harmonic setup
- High ranking symettry harmonic pattern (price and time) between wave 3 and 5.
- Momentum divergences between wave 3 and 5 swings
- Decreasing volume in wave 5 in comparison to wave 3
Harmonic Pattern In Wheat Futures Chart
Author holds no positions in securities mentioned at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
