September Soybeans
In today’s action the market failed to hold above the 971 level and instead slipped to test lower speed-line support just under 961 posting a low at 960.2 before rising to settle at 966. Tomorrow beans will have to again deal with the 971-973 level before it gains any footing. If so they’ll attempt to challenge the 981 resistance line. Closing above 981 sets stage for advance to +/- 993. Major overhead resistance target comes at +/- 1006. I have currently labeled the decline stemming from the highs at roughly 1038 as an non-impulsive (b) correction and I’m currently favoring an impulsive (c) wave advance. Conversely a dip here will test immediate rising support at 962. A failure here looks to extend to +/- 954 save level. If contract cant hold up it will likely unwind to +/- 931 at the .786 retracement level.