Why is soybean meal looking interesting?

September 5, 2017 09:24 AM
Elliott Wave Analysis: Soybean meal

Another pair that is interesting is soybean meal, where we see a strong bearish impulse in play since the start of July 2017. We can see Waves 1, 2 and 3 completed and a current three-wave recovery from the 920 region that can be a Wave 4 in the making.

Soybean meal, 4-hour

On the intraday chart of soybean meal, we have a better look at the minor structure within Wave 4. Ideally, Wave 4 is now trading in final stages with its sub-wave "c" and can search for a top near the upper channel line and near the Fibonacci ratio of 61.8 and from there can make a new drop lower.

Soybean meal, 1 hour

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/