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CBoT Wheat still waiting for the bottom to form

CBoT Wheat still waiting for the bottom to form

WHEAT FUTURES - ECBT CBOT:ZWZ2016

Wheat:
We keep our short term bias unchanged and we are still anticipating a bit further decline in price. Thus far price has been following our preferred path reasonably well although the minor correction up started a bit earlier than what we would have thought. From here we expect a little more upside move on Tuesday after which we expect price to continue it move to the downside and reach for the 370/350 level after which we will start looking for a pattern to see whether or not the bottom is finally there.