B wave correction? Focus September Soybeans

September Soybeans

    The bean market started the week off in the red. Market posted low at 925 in front of intermediate support at +/- 920 and pressed off extreme to finish at 932.6. If the market can rise and hold above 935.4 it should establish its footing. One could argue that the recent lows marked the termination of a (b) wave non-impulsive correction. A follow through will target +/- 950 cross resistance zone. One should expect an reaction. A violation reaches for +/-960. On the downside an immediate sell-off will test +/-920. If level can’t hold a slip to +/- 913 should unfold with underneath support target coming in at +/- 906.