Of most note in the July Soybeans is the weekly candle formation in place currently signifying a potential hanging man. Price holding below small candle body of 94.20-939.0 threatens to lean on contract. Could this be the commencement of the fifth wave I been looking for. Structure at the moment is unclear. First downside would check in at weeks shadow low of 932.0. A violation here threatens current lows reaching for +/- 895.0. A press and hold above 942.2 sets up challenge of 947. A violation here looks to extend to +/- 960.0
No similar candle clues show up in the meal contract. Possible minor wave leading diagonal in short term (60) chart.This could set up choppy press up to +/- 305.5-306.5 which should get turned back. Any hold above 307.0 negates this setup and throws my current wave count to the wind. Next upside over head at +/- 316.0. Continued weakness targets +/- 295-292. A hold under 294.0 sets up further declines. Extended losses target +/- 265.0.
Strong weekly candle in place springing off 31.8 trend line. Press and hold above 33.50 sets up what I’d expect to be a non-impulsive move up to +/- 35.4 area. Only a hold below 32.00 would change this view. I would then be forced to rethink and recount my current wave structure.