Wheat Wave Analysis – 10 October, 2019
October 10, 2019 @ 15:56 UTC
- Wheat broke resistance zone
- Likely to rise to 520.00
Wheat recently broke the resistance zone lying between the round resistance level 500.00 (top of the Evening Star from September) and the 50% Fibonacci correction of the pervious sharp downward impulse (1).
The breakout of this resistance zone should accelerate the active short-term impulse wave (C) – which belongs to the medium-term ABC wave (2) from August.
Wheat is expected to rise further and retest the next resistance level 520.00 (forecast price calculated for the completion of the active impulse wave (C)).