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Soybean: At $32.5 in the Long Run

Zs1 2022 06 21 14 47 42
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Elliot Wave Analysis for SOYBEAN

Soybean is a legume species and is cultivated in South-East Asia. As one of the most important protein sources, is capable of feeding the farm animals, and simultaneously to be produced by them an animal protein that is consumed by people.

The offer of consuming soybean for our organism is per 100-gram 36,49 gr protein, 30,16 grams carbohydrates, 19,94 grams fat, 8,54 grams water, and the remaining nutrients are vitamins and minerals of 4,87 grams. Also, the energy we get after its consumption is 1899 kjoules (446 kcal).

The Soybean is now traded at $1536. The all-time high at $1794 in September 2012 is reached after 10 years, within June 2022 at $1784. The lowest price was recorded according to our data source at $253,6 in February 1970.

Monthly Range: Higher in wave (III)

Image 69

            After almost 37 years of consolidation within the ((IV)) Grand Super Cycle wave as of a double correction (w) – (x) – (y) Super Cycle waves, the soybean climbed and broke the upper trendline of the last (y) contracting triangle to construct the (I) Super Cycle of the ((V)) Grand Super Cycle wave, as shown by the monthly trading chart (log scale). Thereinafter, the (II) Super Cycle has formed an expanded flat as of a – b – c Cycle waves pattern. Observing this diagram, the rising near the end of the (I) Super Cycle wave is the first leg of the (III) Super Cycle wave.      

Weekly Range: Higher in wave ((5)) of I

Image 70

          Through the weekly trading chart (log scale), the uptrend indeed is the subdivision of the I Cycle impulse of the (III) Super Cycle wave as of a ((1)) – ((5)) Primary degree waves. Due to the exceeding of the ((5)) beyond the end of the ((3)), we can assume that either the impulse has been completed or is about to complete. From the aspect of a wave relationship between the ((1)), the ((3)), and the ((5)), we could suggest that is a fair extension impulse based on the ((1)) Primary wave, so that not to risk more. We expect a dropdown, as of the II Cycle wave in a 3-wave sequence.

To be confirmed this uptrend scenario, it needs not to break the end of the (II) Super Cycle wave at $791. If on the other hand the confirmation is canceled, then we would say that the (II)) hasn’t finished yet and the only option would be a triangle pattern. Be aware of a 3-wave count for the upcoming decline to be sure enough about the ending point.

Daily Range: Correcting in wave (4)

Image 68

             Closer to the daily trading chart (log scale), against the $791, we see the impulse of the I Cycle wave which has been subdivided into a 5-wave mode of Primary waves ((1)) – ((5)), and the final ((5)) is also an impulse of a (1) – (5) Intermediate waves. It is expected to move higher in our basic scenario, but as we mentioned above the risk is increasing at that point. Important support is that of the end of the hypothetical 4 Minor of the (3) Intermediate of the ((5)) Primary wave.

            Additionally, if the previous support is broken, the next support is at the end of the ((4)) Primary wave at $1181,2. So, if the market will be trading near the end of ((4)) Primary wave, then maybe that will be the last wave of an expanded or running flat or will be the third wave of a contracting triangle. Usually, according to the Elliot Wave Theory, two corrective waves of an impulse follow the alternation. Thus, we don’t expect the ((4)) to be a sideways correction like the ((2)) did. Hence, we expect to finish the 5 of (3), to see a corrective pattern afterward.

See More Analysis For Commodity Market: https://tradezign.com/category/commodities

Written by Trade Zign

TradeZign (TZ) is a market forecasting firm,TZ's 10 full-time analysts cover every major market (commodities, stocks, energy, bonds, metals, currencies).

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