Wheat Wave Analysis – 27 March, 2020

• Wheat broke key resistance level 570.00
• Likely to rise to 590.00

Wheat recently broke above the key resistance level 570.00 (which stopped the (b)-wave of the previous ABC correction 2 from the middle of January).

The breakout of the resistance level 570.00 accelerated the active impulse waves (i) and 3.

Wheat is likely to retest the next powerful resistance level 590.00 (which stopped the previous sharp multi-month upward impulse sequence (1) in January) – from where the price is likely to correct down.