Soybean Meal Making A Bearish Flat - Elliott wave
Hello traders,
Soybean meal made a five-wave decline, down from 336.4 level, which is a strong indicator that bears are taking charge in the near-term. We can see a completed five-wave move at the end of May, when price started again recovering, however only for a three legged move. We believe a flat pattern is unfolding within a higher degree wave II now, because legs A and B have three sub-waves, and latest recovery, labelled as leg C is sharp and straight, in impulsive fashion.
Ideally, wave C of II will recover towards the Fib. ratio of 50.0 and 61.8 (310/312 level), where resistance will be seen, and a bigger, bearish reversal will resume its path.
Trade well,
The EW-forecast team
Soybean meal made a five-wave decline, down from 336.4 level, which is a strong indicator that bears are taking charge in the near-term. We can see a completed five-wave move at the end of May, when price started again recovering, however only for a three legged move. We believe a flat pattern is unfolding within a higher degree wave II now, because legs A and B have three sub-waves, and latest recovery, labelled as leg C is sharp and straight, in impulsive fashion.
Ideally, wave C of II will recover towards the Fib. ratio of 50.0 and 61.8 (310/312 level), where resistance will be seen, and a bigger, bearish reversal will resume its path.
Trade well,
The EW-forecast team
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