Back in May, I wrote a post about a high ranking short opportunity in Wheat Futures (ZW). And now that the downside has run its course, I would like to revisit the chart and point out an interesting harmonic pattern that is emerging again in Wheat.
Two things stand out to me in the chart below:
1) Wheat Futures confirmed a Bullish Shark Pattern.
2) A reverse head and shoulders pattern is emerging and if it pushes a bit higher it will confirm a bullish reversal.
Fractals in play? It is also interesting to see when markets start creating harmonic fractals that encompass other fractals within there larger structures.
No position in any of the mentioned securities at the time of publication. 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.