The Barchart National HRW Wheat Price Index (HWPI, weighted national average cash price) moved back into a major (long-term) 3-wave downtrend as it took out the March low of $7.3522. With the HWPI testing the downside target of $7.1520 and long-term fundamentals still bullish, it’s possible it completes another reversal during May.┬áTheoretical Positions: None at this time.

The Barchart National SRW Wheat Price Index (SWPI) extended its major downtrend to a low of $5.5623 during April. Theoretical Positions: None at this time.

The Barchart National HRS Wheat Price Index (HSPI) moved back into a major 3-wave downtrend as it posted a new low of $7.1928 during April. However, like HRW, bullish long-term fundamentals could lead to another reversal pattern during May. Theoretical Positions: None at this time.

The Teucrium Wheat Fund (WEAT) extended its major 3-wave downtrend to a low of $6.28 during April. Monthly stochastics are in single digits, possibly limiting downside potential. Theoretical Positions: None at this time. Those wanting to go long will wait for a clear reversal pattern.