- Wheat broke support area
- Likely to fall to 520.00
Wheat recently broke through the support area lying between the key support level 540.00 (which has been reversing the price from December) and the 50% Fibonacci correction of the previous sharp upward impulse wave from November.
The breakout of this support area accelerated the (c)-wave of the active short-term ABC correction (ii).
Wheat is likely to fall further toward the next support level 520.00 (forecast price for the termination of the active correction (ii)).