Category Archive

 Soybeans       July soybeans are putting up a fight at previously defined cross zone support. A noble attempt indeed. However, the structure of this redound appears non-impulsive and corrective in nature. This would lead me to believe that it is unsustainable. First line of contention comes in at 928.2 to 929.0. A convergence of a channel line, fib retracement and 4th …

 Soybeans          July soybeans struggle to gain any footing after fighting off the 910-900 cross support zone. An unimpressive and sloppy rebound runs outta steam at 920.6. I interpret this failed advance as a fourth wave correction of a lower degree. This would in turn foreshadow a violation of recent lows targeting 902.o to 898.0. This extension …

    Soybeans         Now that July soybeans has reached the first support zone, as discussed in earlier posts. It is prudent to examine the smaller time frames to look for clues to the upcoming price action. There appears to be a potential forth wave triangle developing (subset wave). A failure to breach 919.2 would result in another wave lower to complete …

Yesterday’s post suggested a potential bottom was in place marking the low of an ending diagonal C wave. As discussed, the critical level to hold was marked at 129.50. The risk reward projection was estimated at a lofty 9 to 1 ratio. However, today’s action has closed below the critical level. Discipline must prevail. At this point structure needs to be …

  Soybeans         Early week action sees further declines as anticipated. Only thing of note is that the July Soybeans has entered into the first support zone as stated in earlier post( 910-900). This zone is an intersection of down sloping channel lines. It is difficult to recommend a long position at these levels , however, a technical rebound could play …