Wheat Wave Analysis – 07 August, 2020
August 07, 2020 @ 17:24 +03:00
• Wheat broke key support level 500,00
• Likely to fall to 486,00
Wheat today broke the key round support level 500,00 (previous downward target) – intersecting with the 61,8% Fibonacci retracement of the previous ABC correction 2.
The breakout of the support level 500,00 accelerated the active short-term impulse waves (iii), 3 and the longer-term impulse wave (3).
Wheat is likely to fall further toward the next support level 486,00 (target price for the completion of the active impulse wave (iii)).