Wheat Wave Analysis – 17 October, 2019

• Wheat broke the resistance area
• Likely to rise to 530.00

Wheat recently broke the resistance area lying between the resistance level 516.40 (former resistance from July) and the 61.8% Fibonacci retracement of the previous downward impulse from June.

The breakout of this resistance area should accelerate the C-wave of the active medium-term ABC correction (2) from August.

Wheat is expected to rise further and retest the next resistance level 530.00 (target for the completion of the active wave C).