Wheat Wave Analysis – 30 December, 2019

• Wheat broke multi-month resistance level 554.00
• Likely to rise to 570.00

Wheat recently broke above the multi-month resistance level 554.00 (which stopped the sharp uptrend at the end of June and also earlier this month, as can be seen below).

The breakout of the resistance level 554.00 accelerated the active impulse waves (v) and C – which belong to the multi-month ABC correction from May.

Wheat is expected to rise further toward the next resistance level 570.00 (target price for the completion of the active impulse wave (iii)).