Soybeans Elliott Wave Analysis: Overview and Current Position

Commodity: Soybeans Elliott Wave Technical Analysis

Function - Trend 

Mode - Impulse 

Structure - Double Zigzag for (2)

Position - Wave 2 of (5)

Direction - Wave 3 of (5) 

Details - More leg higher in the zone is expected to complete wave C of (2). Wave (3) could start from there downwards. However, invalidation for wave (2) remains at 1327’4.

Soybean has staged an impressive rebound, surging by over 9% since hitting its low in March 2024. However, this upswing is likely corrective, indicating that the bearish corrective phase stemming from the high in June 2022 is poised to persist, pressuring prices downward in the weeks ahead. The pivotal point to watch is whether it remains below the November 2023 high of 1398; breaching this level could signal an end to the bearish corrective cycle. Long-term buyers may need to exercise patience as the ultimate low has yet to be attained. This analysis delves into potential opportunities for selling the commodity.

Soybean Daily Chart Detailed Wave Analysis

Examining the daily chart, it's evident that a prolonged bearish correction commenced in June 2022. Before this, Soybean prices experienced a notable uptrend, rallying by 126% between May 2019 and June 2022, completing a bullish impulse wave. Consequently, the downturn from June 2022 serves as a correction to this preceding bullish phase. Upon completion of the bearish correction, the overarching bullish trend is anticipated to resume. However, the chart pattern since June 2022 appears to be shaping into a zigzag formation, identified as primary degree A-B-C marked in blue.

The initial blue wave A concluded at 1249 in October 2023, characterized by a diagonal structure. This was followed by a modest rebound for the corresponding blue wave B, reaching 1398 before prices resumed their descent in the third leg - blue wave C. The latter completed an impulse move from 1398, bottoming out at the low of 1129 in March 2024 before the current recovery. However, probably, this impulse wave has only completed the intermediate sub-wave (1) of blue wave 5. A confirmation of the conclusion of the corrective cycle from June 2022 would necessitate the current recovery from the March 2024 low of 1128 evolving into an impulse wave towards the November 2023 peak of 1398. It's plausible to view the ongoing recovery as wave (2) of blue wave C.

Bitcoin Prediction Guess the Price? - Win 1 Million Satoshi Test Your Analysis

Soybeans-Daily-Commo...

 


 

Soybean 4-hour Chart Short-Term Predictions and Strategic Points

The H4 chart illustrates wave (2) unfolding in a zigzag pattern, with wave C of (2) nearing completion as it forms an impulse within a reversal zone spanning 1240-1277. Anticipated is one final push higher within this zone, followed by a potential bearish response that could pave the way for a subsequent sell-off in wave (3). However, should the current recovery breach the 1300 mark (161.8% Fib extension level), there's a substantial likelihood of an impulse recovery from the March 2024 low of 1129, potentially invalidating this outlook and suggesting further upward movement for wave (2) or even signaling the conclusion of the long-term bearish correction initiated in June 2022.

Technical Analyst: Sanmi Adeagbo

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

See Previous: Wheat Commodity Markets Elliott Wave Technical Analysis

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 170 Markets Covered. Chat Room With Support

Soybeans-4hr-Commodi...

Related

MicroStrategy Inc. (MSTR) Elliott Wave Technical Analysis: Fibonacci Retracement, Wave Counts, and 2024 Price Forecasts

MicroStrategy Inc. (MSTR) Elliott Wave Technical Analysis: Fibonacci Retracement, Wave Counts, and 2024 Price Forecasts

MSTR stock analysis dives into MicroStrategy’s Elliott Wave patterns on daily and hourly charts. Ga...

Read More >
New Zealand Dollar/ U.S. Dollar (NZDUSD) Elliott Wave Analysis: Bullish Trend Insights, and Market Outlook for Better Decisions

New Zealand Dollar/ U.S. Dollar (NZDUSD) Elliott Wave Analysis: Bullish Trend Insights, and Market Outlook for Better Decisions

NZDUSD Elliott Wave analysis covers the daily and 4-hour charts, focusing on bullish trends, wave co...

Read More >
Bullish Trend Persists: Cocoa Commodity Elliott Wave Technical Analysis

Bullish Trend Persists: Cocoa Commodity Elliott Wave Technical Analysis

In the cocoa commodity market, Elliott Wave Technical Analysis indicates a persistent bullish trend....

Read More >
U.S.Dollar/Japanese Yen (USDJPY) Elliott Wave Technical Analysis 18 January 24

U.S.Dollar/Japanese Yen (USDJPY) Elliott Wave Technical Analysis 18 January 24

In conclusion, the USDJPY Elliott Wave Analysis for the daily chart on 18 January 24, suggests a cou...

Read More >
Stay informed with the latest stock Analysis: CSL LIMITED - CSL Elliott Wave Technical Forecast

Stay informed with the latest stock Analysis: CSL LIMITED - CSL Elliott Wave Technical Forecast

Our detailed Elliott Wave analysis of CSL LIMITED (ASX: CSL) provides key insights into the stock...

Read More >
Adani Green Energy Stocks Elliott Wave Technical Analysis: Understand Potential Bullish and Bearish Scenarios

Adani Green Energy Stocks Elliott Wave Technical Analysis: Understand Potential Bullish and Bearish Scenarios

This article provides a detailed Elliott Wave analysis of ADANI GREEN ENERGY, including its current ...

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