• Wheat broke support area
• Further losses are likely
Wheat continues to fall after the earlier breakout of the support area lying between key support level 5.0250 (which reversed the price in May and June) and 50% Fibonacci correction level of the previous sharp upward impulse 1 from March.
The breakout of this support area continues the active short-term impulse wave (c) belonging to the ABC correction 2 from the end of April.
Wheat is likely to fall further and re-test the next support level 4.860 (low of the previous corrective wave (iv)) intersecting with the support trendline of the daily up channel from January.