Soy at the crossroads
The soybeans are suffering, but why? To give an answer you must look for the fundamentals, and the main one, are due to the duties between CHINA and USA. Since the USA is the largest exporter in China and, as African swine fever is literally undermining the global stability of pork, the barns are destined to remain full. Even the report of the WASDE gave an optimistic estimate that was exceeded in the negative that, if it does not resolve the issue of duties, will remain long in the barns. Returning to the chart according to Elliott we are in the final zone for a correction, in fact the area of the 61.8 has many factors that intersect with one another and are: the maximum level of Z wave, max level for Wave Z, that of Wave B and a support which is perfect online with Wave 2, then there are the factors of A.T. and are: volumes with SMA facing upwards and volumes of buyers Rising and RSI in oversold. These are some of the factors that I consider. So, I'm expecting two medium scenarios, and the first one is: The price goes up in the next few days, or it goes down to 857'6/lb. and then back up. As from graph.
This analysis is purely for educational purposes both as a written analysis and as a graphical analysis and is not intended to propose investments of any kind, those who work according to this analysis will have to assume the blame for any losses exclaiming those who wrote this Analysis.
This analysis is purely for educational purposes both as a written analysis and as a graphical analysis and is not intended to propose investments of any kind, those who work according to this analysis will have to assume the blame for any losses exclaiming those who wrote this Analysis.
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