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Wheat Wave Analysis – 25 November, 2019

  • 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).

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