Wheat Wave Analysis – 25 February, 2020

• Wheat broke support area
• Likely to fall to 520.00

Wheat recently broke through the support area lying between the key support level 540.00 (which has been reversing the price from December) and the 50% Fibonacci correction of the previous sharp upward impulse wave from November.

The breakout of this support area accelerated the (c)-wave of the active short-term ABC correction (ii).

Wheat is likely to fall further toward the next support level 520.00 (forecast price for the termination of the active correction (ii)).