Wheat's overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
Wheat has clearly been the winner since the spring/summer 'top' in grains. Don't read too much into 'top', because the trading action is consistent with cause building rather than mark down (see Cycle of Accumulation and Distribution).
Mark down reflects a bear market. Sorry bears, we're not in mark down.
Anyone that has talked to me directly, or watched and read the Soybeans Report, have been introduced to long term intermarket trends and cycles, and the concept of reversion to the mean. If you have any questions, let me know. Those first to recognize the trends will profit the most. That's how it works.
Cycle of Accumulation and Distribution
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Market-driven money flow, trend, and intermarket analysis is provided by an Access Key.