This monthly chart for the cmdty National Soft Red Winter Wheat Price Index (SWPI, weighted national average cash price) continues to show a jumble of potential technical signals. The key is the bearish spike reversal from May 2021 that led to an initial low of $5.7727 during July before recovering to post a high of $7.3162 during August. At first glance this looks to be a quick Wave A (first wave) and Wave B (second wave) of the major (long-term) 3-wave downtrend that began with the May reversal. This pattern confirmed a bearish crossover by monthly stochastics above the overbought level of 80% at the end of February. If the August high was the Wave B peak, Wave C (third wave) would be expected to take out the Wave A low from July. The next downside target is $5.3214, the 50% retracement level of the previous major uptrend. Keep in mind the Dec-March Chicago futures spread continues to cover a bearish level of calculated full commercial carry.