Wheat Wave Analysis – 25 November, 2019

• Wheat broke daily down channel
• Likely to rise to 530.00

Wheat recently broke the resistance trendline of the daily down channel from October (which enclosed earlier ABC correction (ii)) – which accelerated the active impulse wave (iii).

The active impulse wave (iii) belongs to the intermediate upward impulse sequence C from end of August.

Wheat is expected to rise further toward the next pivotal resistance level 530.00 (which reversed the price sharply in October and July).