thanks much, Mike!

Considering that flag only encompasses several hours of trading(4 bars), it could go either way.

However, the pattern (reversal up) looks like a solid bottom might be in. Especially after a long move down and prices this low.

https://tradingeconomics.com/commodity/wheat

1. 1 week

2. 1 year

3.  45 years

Large specs have actually been covering what was a huge SHORT position for wheat(not nearly the open interest of corn/beans).

Large specs like to follow trends but often will trade fundamentals. Odds are that they will continue to cover shorts and possibly go long again at some point if we just go by the last year. 

That could change drastically based on global crop production and other future items that matter to the wheat market fundamentals.

https://www.investing.com/economic-calendar/cftc-wheat-speculative-positions-1812