Wheat Wave Analysis – 04 August, 2020

• Wheat broke key support level 518.00

• Likely to fall to 500.00

Wheat recently broke below the key support level 518.00 (which stopped the previous short-term impulse wave (i), as can be seen below).

The breakout of the support level 518.00 coincided with the breakout of the 38.2% Fibonacci correction of the previous sharp ABC correction 2 from June.

Wheat is likely to fall further toward the next round support level 500.00 (61.8% Fibonacci retracement of wave 2 from June).