We expect a decline in the soybean commodity in the coming period because trading is below the critical point of 1509. Currently, the continuation of the decline in wave ((iii)), which may reach prices 1373 or 1302 before rising again.
It is now trading in a corrective wave ((B)) targeting 1521 and may extend to 1536 prices provided that the critical limit at 1784 is not breached. The drop is confirmed by breaking the 1373 point
Getting closer to the daily range, we expect the current bounce to be wave ((B)) of (Y), critical resistance at 1784
We are now witnessing the formation of a bearish corrective wave II , which started from 1784.00, It targets 1088.4 and 948.2. its impenetrable critical limit is 291.00.
From the low of wave (II) at 791, we have a clear 5-wave advance in wave I of (III), now the soybean is correcting in wave II
From the end of wave ((IV)), we have a 5-wave advance in wave (I) of ((V)), then an expanded flat correction in wave (II), from the low of 791, wave (III) started.