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It's Friday, and right on schedule Chris "Just the Facts" Kimble does his Dragnet impersonation.
A dominating news story around the globe of late — the drought and fires in Russia, which have triggered concerns about grain prices, especially wheat.
As can be seen in the attached chart, wheat created a huge "bullish falling wedge" over the past couple of years.
Just the facts: The Power of the Pattern looks to have been in play again, forecasting higher wheat prices prior to the drought or fires in Russia.
It's interesting to note, however, that other major grains aren't following the wheat lead. See the chart below.
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