- Wheat broke daily down channel
- Likely to rise to 587.00
Wheat continues to rise after the earlier breakout of the resistance trendline of the sharp daily down channel from March (which encloses the previous ABC correction (2)).
The breakout of this down channel should accelerate the active medium-term upward impulse wave (3).
Wheat is expected to rise further toward the next resistance level 587.00 (which stopped the two previous sharp upward impulse waves (5) and (1)).