Join 1 month & Get 3 Months" Click here https://tradinglounge.com/341
7 Analysts Over 200 Markets Covered.
Soybean Elliott Wave Analysis
The long-term bearish cycle for soybeans, which began in June 2022, continues to push prices lower, currently trading near a four-year low. The downtrend shows no signs of a major reversal, and investors are likely to continue selling on rallies until a definitive bottom is reached. Technically, no significant reversal signals have been identified, indicating that the bearish trend may persist.
Long-Term Perspective:
Before the June 2022 decline, soybeans completed a bullish impulse wave that started in May 2019, lifting prices from $806. However, over the past 26 months, more than two-thirds of those gains have been wiped out. From an Elliott Wave perspective, the current corrective phase is developing into a three-swing pattern, a common structure in corrective waves.
Daily Chart Analysis:
On the daily chart, the corrective pattern is analyzed from the primary wave degree (circled). Wave A (circled) concluded at $1,249 in October 2023, followed by Wave B (circled), which ended at $1,398 in November 2023. Wave C (circled) is currently unfolding to the downside. Within this wave, sub-waves (1) and (2) of 5 (circled) have already been completed, and the price is now advancing in Wave (3). The price has broken below the critical $1,000 level and could potentially drop to $800 before Wave (3) completes. This movement is part of Wave 5 of (3), suggesting that the bearish phase is not yet over. In the near term, further downward pressure is anticipated.
H4 Chart Analysis:
On the H4 chart, Wave 5 is in a temporary bounce for the 4th sub-wave, labeled as Wave iv (circled) of 5. This indicates that after this brief upward correction, soybeans are likely to resume their downward trajectory, continuing the sell-off. The broader bearish trend remains intact, with additional declines expected as the market completes its ongoing corrective phase.
Technical Analyst : Sanmi Adeagbo
Join 1 month & Get 3 Months" Click here https://tradinglounge.com/341
7 Analysts Over 200 Markets Covered.
TradingLounge Services:
Elliott Wave Analysis
INDICES - SECTORS - STOCKS - COMMODITIES - CRYPTOCURRENCIES - CURRENCIES
Charts:
US Sectors ETFs: Weekly and daily charts. Analyst: Peter Mathers
50 US Stocks charts, updated weekly. Analyst: Alessio Barreta
50 ASX Stocks charts, updated weekly. Analyst: Shane Hua (CEWA-M)
Cryptocurrencies: Daily and 4-hour charts Analyst: Kittiampon Samboonsod (CEWA)
Currencies: Daily and 4-hour charts Analyst: Malik Awais
Commodities: Charts covering Softs, Grains, Energy, Precious and Base Metals. Analyst: Sanmi
20 Global Indices: Weekly and daily charts update. Analyst: Malik Awais
Additional Services:
Trading Recommendations: Portfolios - StockCheck, CryptoCheck, ForexCheck, CommodityCheck
Chat Lounge: Access to TradingLounge Analysts, chat with other traders, upload charts and videos
Elliott Wave Algorithm: Automatic Elliott Wave counting tool
Elliott Wave AI: Offers Elliott Wave analysis for our AI modeling
Software Tools: TradingLevels, Screeners, Portfolios, Charting etc.
Special Trial Offer - "Buy 1, Get 3 Months" Click here tradinglounge.com/341
YOU CAN REACH ME via:
LinkedIn: / petermathers
Facebook: / tradinglounge
Twitter: / tradinglounge
Risk Disclaimer - This is not financial advice.
The material does not contain (and should not be construed as containing) personal financial or investment advice or other recommendations, or an offer of, or solicitation for, a transaction in any financial instrument. The information does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. TradingLounge accepts no responsibility for any use that may be made of these comments and for any consequences that result.
TradingLounge™ uses a range of technical analysis tools, such as Volume Analysis, TradingLevels, Elliott Wave, software, and fundamental analysis as well as economic forecasts aimed at minimising the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership and social media platforms has been prepared without taking into account your particular objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk.
#elliottwave #commodities #investing #soyabean #soybean
Информация по комментариям в разработке