Soybean Elliott Wave Analysis

Soybean continues to follow its year-long bearish trend, with sellers targeting a break below the August 2024 low in the coming weeks. However, while the price remains above the October 2024 low, potential rallies above the October highs cannot be dismissed.

Soybean Commodity Long-term and Daily Chart Analysis

Long-term Perspective:
The bearish cycle for soybean began at 1787 in June 2022. The over 28-month decline is primarily a corrective move following the bullish impulse rallies observed between May 2019 and June 2022.

Daily Chart Overview:
From an Elliott Wave standpoint, the ongoing correction showcases distinct wave structures:

• Wave ((A)), completed in October 2023, formed a diagonal structure.
• Wave ((B)), a shallow bounce, concluded in November 2023.
• Currently, Wave ((C)) is unfolding as an impulsive wave, with its final segment, wave (5) of ((C)), now underway.

Soybean Commodity H4 Chart Analysis

Current Price Movements:
The H4 chart highlights the development of wave (5). Within this structure:

• Price is progressing through wave 3 of (5) and is projected to reach the $800–$900 range before a wave 4 bounce occurs.
• Soybean's bearish outlook remains valid as long as prices stay below the critical level of 1070.

Technical Analyst: Sanmi Adeagbo

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See Previous: Gold (XAUUSD) Commodity Elliott Wave Technical Analysis

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