Chart KC July Wheat .........is there more weakness to come or have we found an area of support?

Below is a chart of KC July wheat; I found it interesting today in trying to determine if we are in the middle of a simple correction or if this market has more downside pressure to come.  Perhaps in the end it simply depends what catalysts like mother nature and rain ends up doing.

The dashed blue lines indicate trend lines that have been broken; one thing I did like was the fact that we bounce off of the pink box or an area which should be considered good support and we left a candle on the charts that isn't as decisive in either direction while managing to close above the 50 % retracement level; we also diveraged a little from the tee line.  Bottom line is the chart shows some potential in my eyes to bounce from here.  Maybe we see some moisture and the good old say buy rumor's sell facts reverses and we bounce despite it?  As for longer term it could be a struggle to see new highs without strong exports and lower supply.