The Grains

Here's Dec Wheat. In the Metatrader chart you can see the reaction line from a fork that can only be seen in 240min and higher TF's. It was already proved to be effective and tested (the previous RL from the same ML set having had much effect on price action) and can be seen stretching from top left hand side at 11 o clock downwards to the bottom RHS at 4 o clock.
Current levels represent a 50% Fib RT from the recent bullish move from the late August low at 650.00 to the high at 756.00 but my feeling is we will go lower and have already visted and tested 700.00( bang on the down sloping dark blue LMLP and P3 on the mauve/magenta fork) and now hover at 705.00 on the mauve/magenta LMLP. This week is critical as if we hold above 700 we could see a sharp rally back up but i favour a sell off towards 650-660 where a major CL of a important fork on the daily chart is located and this would represent a 78.6% Fib RT from the previous move (from the late August low at 650.00 to the high at 756.00).











Corn has a similar problem and is having a RT after touching the UMLP of the mauve fork and having a huge resisting reaction line standing in it's way slightly to the right.
Looking at these two (not the soya complex) i can't see anything huge on the downside and i would expect with current fundamentals to see the highs retested after a moderate retracement .