Wheat Wave Analysis – 31 August, 2020

• Wheat broke key resistance level 550.00

• Likely to rise to 570.00

Wheat opened today with the upward gap breaking above the key resistance level 550.00 (which stopped the (a)-wave of the active ABC correction 2 in the middle of July).

The breakout of the resistance level 550.00 was preceded by the breakout of the daily down channel from April and the 61.8% Fibonacci retracement of the previous downward impulse from March.

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