WHEAT FUTURES Up Date....Chicago SRW Wheat FuturesCBOT_DL:ZW1!AlexandreScaianskiInstitutional View The most important development this week is not the price rally from 571. It is that: Managed Money is now extremely short Commercials are aggressively long Wheat has reclaimed: Weekly POC (586) Monthly Low (605) Weekly High (600) while sitting directly above: Weekly 55 EMA (570) Weekly 200 EMA (596) That combination is much more consistent with a completed Wave C / Wyckoff Spring than with the start of a new bearish leg. The next major battleground is 628–634. If Wheat can auction through that zone, the probability of a move back toward 679–688 rises substantially. Trade Location Current price: 607 This is no longer deep discount.....This is early recovery. Best Support 596 (Weekly 200 EMA) 586 (Previous Weekly POC) 580 Resistance 620 628 631 634 688 Invalidation : Weekly Close Below 563 Spring thesis Elliott Wave C completion thesis and reopen: 520 500 Final Institutional View