Wheat Wave Analysis – 20 January, 2020

• Wheat reversed from support area
• Likely to rise to 578.00

Wheat recently reversed up from the support area lying between the support level 562.00 (former strong resistance from the end of December) and the 38.2% Fibonacci correction of the previous sharp upward impulse from last month.

The upward reversal from this support area started the active impulse wave (v) –  which belongs to the longer-term impulse waves 3 and (3)

Given the clear daily uptrend – Wheat is likely to rise further toward the next resistance 578.00 (top of the previous impulse wave iii).