Soybean Elliott Wave Technical Analysis

The bounce from August seems to have ended, with the commodity now targeting a new low for the year. This indicates that the bearish sequence from June 2022 is expected to extend further.

Soybean Commodity Daily Chart Analysis

Soybean Elliott Wave Analysis

Soybeans are in a bearish corrective phase on the daily chart, correcting the impulse wave cycle that spanned from May 2019 to June 2022. From the June 2022 high, a 3-wave structure is expected. Wave ((A)) concluded in October 2023 with a diagonal structure, followed by a shallow bounce for wave ((B)), which reached the high in November 2023. Since then, a bearish impulse wave has developed for wave ((C)). Price completed wave (4) of ((C)) in September 2024, leading to a sell-off in wave (5) of ((C)). Wave (5) may extend to the 866-661 zone before a recovery occurs.

Alternatively, the drop from the June 2022 high ($1787) might form an impulsive structure if the price breaks below 535. In either scenario, the downside is expected to continue in the upcoming weeks.

Soybean-Commodity-Da...


Soybean Commodity H4 Chart Outlook

On the H4 chart, the price remains in wave 1 of (5). This suggests that traders should focus on selling bounces. The decline is likely to breach the 866 level and move toward 661 before completing the impulse wave for (5) of ((C)).

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Copper Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

Soybean-Commodity-4h...

Related

ADANI ENTERPRISES - ADANIENT Elliott Wave Correction Set-Up Ahead of Bullish Orange Wave 3 Technical Breakout Guidance

ADANI ENTERPRISES - ADANIENT Elliott Wave Correction Set-Up Ahead of Bullish Orange Wave 3 Technical Breakout Guidance

Daily and weekly Elliott Wave breakdowns show ADANI Enterprises in Gray Wave C of a counter-trend c...

Read More >
Shanghai Composite Index Elliott Wave Technical Analysis: Master Market Trends and Wave Structures

Shanghai Composite Index Elliott Wave Technical Analysis: Master Market Trends and Wave Structures

The Elliott Wave analysis of the Shanghai Composite provides a thorough insight into market trends a...

Read More >
Mastering Market Movements: Navigating Dips with Elliott Wave Analysis for Optimized Trading Strategies

Mastering Market Movements: Navigating Dips with Elliott Wave Analysis for Optimized Trading Strategies

This video provides an insightful update on Elliott Wave Analysis, focusing on the impact of a posit...

Read More >
Insights into the Current Trends in the ASX Market: ASX LIMITED Stock Analysis & ASX Elliott Wave Technical Forecast

Insights into the Current Trends in the ASX Market: ASX LIMITED Stock Analysis & ASX Elliott Wave Technical Forecast

This article provides an in-depth Elliott Wave analysis of ASX Limited, focusing on its potential pr...

Read More >
Euro/British Pound (EURGBP) Elliott Wave Forecast Shows Corrective Wave 2 Ending Soon, Prepping Market for Bearish Wave 3

Euro/British Pound (EURGBP) Elliott Wave Forecast Shows Corrective Wave 2 Ending Soon, Prepping Market for Bearish Wave 3

EURGBP is in a corrective phase within a larger bearish structure. Orange wave 2 retracement may soo...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on