Wheat Wave Analysis – 19 June, 2020

• Wheat broke key support level 495,00

• Likely to fall to 476.00 and 472.00

Wheat continues to fall sharply after the recent breakout of the key support level 495,00 (which stopped the earlier impulse waves (1) and 1 in March and May respectively).

The breakout of this support level accelerated the active short-term downward impulse sequence 3 from the start of June. Wheat is likely to fall further toward the next support levels 476.00 and 472.00 (former support levels from September of 2019).