Textbook Soybean Meal ZL! ForecastI don't know what quite else to say!
My previous Idea unfolding into the bigger picture!
Zl
SoyBEANS? NAH- SOYBEAN OIL!!!Rocking in a parabolic fashion.
"Ask Bevis- I get nothing butthead"
RIP BIG L
Soybean Oil (ZL): Monthly EW CountIt is already 10 years since commodities super cycle took commodity markets to the all time high and soybean oil (ZL) market has been in the corrective period ever since. In a monthly chart, we could see that the correction of larger degree takes in the form of flat correction (3-3-5). As far as supply and demand (SnD) is concerned, there are 2 demand zones of interests
1. demand zone #1 (23.46 - 25.34)
2. demand zone #2 (18.83 - 20.84)
Technically, wave (3) of V of C is currently developing and could extend its tail to 24.00 level or below. With the trade war between the USA and China is on the brink of being fully developed, the market dipping to the 19.00 level is not really a far fetched projection.
Comparison of Volatility Indices (Daily)This chart shows the most current values of Volatility Indices for the mostly used Future Underlyings: ES, B6, E6, ZL, ZN, ZC, ZW, Russell etc.
