Wheat Wave Analysis – 18 November, 2019

• Wheat broke support area
• Likely to fall to 490.00

Wheat recently broke the support area located between the support level 502.00 (which stopped the earlier impulse wave 1) and the 38.2% Fibonacci correction of the previous ABC correction (2) from August.

The breakout of this support area is aligned with the active impulse 3 and (3).

Wheat is expected to fall further toward the next pivotal support level 490.00 (former resistance from September and support from October).