Wheat Wave Analysis – 20 July, 2020

• Wheat falling inside impulse wave 3

• Likely to fall to 500.00

Wheat continues to fall inside the short-term impulse wave 3 which stared earlier from the key resistance level 550.00.

The downward reversal from the resistance level 550.00 created the daily Japanese candlesticks reversal pattern Dark Cloud Cover.

Wheat is likely to fall further toward the next support level 500.00 (former top of the minor wave (a) from the end of July).