Soybean (ZS_F) cycle from May 13, 2019 low shows an incomplete 5 swing sequence, favoring further upside to end 7 swing double zigzag structure. On the 4 hour chart below, wave (X) ended at 867.4. Wave (Y) higher is unfolding as a zigzag Elliott Wave structure where wave A of (Y) remains in progress. The internal subdivision of wave A is unfolding as an impulsive structure. Up from 867.4, wave ((i)) ended at 903.4 and pullback in wave ((ii)) ended at 888.2.
The instrument has resumed higher in wave ((iii)) towards 950.4 and pullback in wave ((iv)) ended at 938.4. Expect wave ((v)) of A to end soon. Afterwards, Soybean should correct the cycle from December 3, 2019 low within wave B before the rally resumes. We don’t like selling the proposed pullback and expect buyers to appear in the sequence of 3, 7, 11 swing for more upside as far as pivot at 867.4 low stays intact. Potential target higher is 100% – 123.6% Fibonacci extension from May 13, 2019 low which comes at 1021 – 1057 area.
The instrument has resumed higher in wave ((iii)) towards 950.4 and pullback in wave ((iv)) ended at 938.4. Expect wave ((v)) of A to end soon. Afterwards, Soybean should correct the cycle from December 3, 2019 low within wave B before the rally resumes. We don’t like selling the proposed pullback and expect buyers to appear in the sequence of 3, 7, 11 swing for more upside as far as pivot at 867.4 low stays intact. Potential target higher is 100% – 123.6% Fibonacci extension from May 13, 2019 low which comes at 1021 – 1057 area.
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免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。