- Wheat broke daily down channel
- Likely to rise to 530.00
Wheat recently broke the resistance trendline of the daily down channel from October (which enclosed earlier ABC correction (ii)) – which accelerated the active impulse wave (iii).
The active impulse wave (iii) belongs to the intermediate upward impulse sequence C from end of August.
Wheat is expected to rise further toward the next pivotal resistance level 530.00 (which reversed the price sharply in October and July).