- Wheat broke key support level 518.00
- Likely to fall to 500.00
Wheat recently broke below the key support level 518.00 (which stopped the previous short-term impulse wave (i), as can be seen below).
The breakout of the support level 518.00 coincided with the breakout of the 38.2% Fibonacci correction of the previous sharp ABC correction 2 from June.
Wheat is likely to fall further toward the next round support level 500.00 (61.8% Fibonacci retracement of wave 2 from June).