Wheat

Big breakout week in the wheat market.
Price confidently traded through the primary [1] high, suggesting that primary wave [3] was underway, and more specific, a "third of third."
The alternative is that [2] is still tracing and this is nothing more than a (C) leg on a coke binge.
I believe this little pullback is nothing more than a smaller degree 4 wave, possible of minor degree, though it may very well be intermediate.
Since we have decisively broken out of the down channel, we should expect it to become support if price were to trade that low.
Notice how price has supported on the 200 sma after breaking through.
Upside targets include [3] = [1] at 623.25, and [3] = 161.8% of [1] at 706.75.
Bottom line - I am near-term very bullish this market. Any trade through the intermediate (1) H of 528.25 would quickly change this view.