Wheat's overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
Try to resist the wheat run is over talk. A one-day decline after a nearly two week daily impulse rally doesn't change a lot.
The latest Soybean Review talks about wheat too. Wheat was never "cling to the back of a moving bus" chase. The mid-July energy build (DI = 70% and DI2 = -13%) has faded, but not completely dissipated into a blocking dome. Blocking domes are statistically significant bearish energy build inside a primary uptrend.
Wheat's Weekly Reversals
Wheat's rally is slowing as energy dissipates because it's facing a lot of overhead reversals. Reversals are supply/demand zones flagged by the computer. I'm not going to give way the farm to wheat's setup here, but patience is required.
If the recent decline is met with accumulating by the invisible hand, a rising DI and DI2, the bears are going to be surprised by what happens next. Stay tuned, DIs will be updated later in the week. Subscribers are always notified when DIs are updated on Friday.
Ignore the play-by-play crowd. They only encourage you to chase your tail when you should be calm and professional.
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