SOYBEAN OIL // long term scenarios
I don't know anything about Soybean Oil, but I watch the price that shows everything I need to know.
This is quite a long term one since it's the weekly, but it's so beautiful! Although the primary trend is still long, market participants printed a nice impulse wave on the way down. This last couple of slow waves make up a correction of the impulse wave while crawling up, and price has just tested the last weekly south breakout.
From here, the break of this countertrend takes aim at this market, shorts will be ready to jump in.
An early sign happens first with the break of the last weekly north breakout, but the second one is better. If price reaches it, be patient. It may slow down there, even make a small countertrend, but a break of this zone can take the price all the way to the next weekly north breakout, that's happen to be close to the target fibo 138.2
The early sign becomes valid only when this week's closing makes the breakout a breakout (higher than the previous high).
The countertrend is valid at the moment, but the daily printed a nice shooting star...
Thanks for reading my analysis!🤘🏽
Trade safe and let me know what you think! ⚪️⚫️
--------------------------------------------------------------------------------
ANYWAY, a lot of Qs about the direction of the price. But it doesn't matter.
WE JUST REACT!
Remember that trading is a business.
SIZE your TRADES according to your risk aversion!
----------------------------------------------------------
This is quite a long term one since it's the weekly, but it's so beautiful! Although the primary trend is still long, market participants printed a nice impulse wave on the way down. This last couple of slow waves make up a correction of the impulse wave while crawling up, and price has just tested the last weekly south breakout.
From here, the break of this countertrend takes aim at this market, shorts will be ready to jump in.
An early sign happens first with the break of the last weekly north breakout, but the second one is better. If price reaches it, be patient. It may slow down there, even make a small countertrend, but a break of this zone can take the price all the way to the next weekly north breakout, that's happen to be close to the target fibo 138.2
The early sign becomes valid only when this week's closing makes the breakout a breakout (higher than the previous high).
The countertrend is valid at the moment, but the daily printed a nice shooting star...
Thanks for reading my analysis!🤘🏽
Trade safe and let me know what you think! ⚪️⚫️
--------------------------------------------------------------------------------
ANYWAY, a lot of Qs about the direction of the price. But it doesn't matter.
WE JUST REACT!
Remember that trading is a business.
SIZE your TRADES according to your risk aversion!
----------------------------------------------------------
Follow on X ---> x.com/zentrdr
Substrack ---> TheMarketFlow.substack.com
Substrack ---> TheMarketFlow.substack.com
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