Wheat Wave Analysis – 07 August, 2020

• 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)).