Wheat Wave Analysis – 16 December, 2019

• Wheat rising inside impulse wave (v)
• Likely to rise to 545.30

Wheat continues to rise inside the short-term impulse wave (v), which started earlier from the support area lying between the support level 520.00 and the 50-day moving average.

The active impulse wave (v) belongs to the sharp multi-month impulse sequence C from August.

Wheat is expected to rise further toward the next resistance level 545.30 (which stopped the earlier impulse wave (iii) at the end of November).