SOYBEAN Higher Time Frame Outlook on structureHello traders:
Looking at soybeans from the higher time frame perspective and its price action structures.
We see strong bearish impulse down from mid of 2018, and has been in this larger channel like structure ever since.
Price has been consolidating for these few years, and finally breaking to the top in the recent times.
What I like about the price from a structure point of view is that we just broke the previous top, but on the lower time frame the price broke up in a corrective structure.
I see this type of price action over and over again. Price breaks up, catching a lot of buyers, then see a strong sell momentum down.
I wouldn't be surprise to see some bearish impulse from the lower time frame, to bring the price right back into this larger channel structure, and we can potentially see the next bearish move from the top.
For now, happy to be a bit more patient, and wait for price to develop a bit more.
thank you
