• Soy broke multi-month support level 9.4330
• Likely to fall further
Soy recently broke the major, multi-month support level 9.4330 (which stopped the price sharply in December and January, as can be seen below). The breakout of the support level 9.4330 follows the earlier breakout of the two strong support levels 9.9000 and 9.7000.
The breakout of the support level 9.4330 accelerated the active short-term impulse wave 3 – which belongs to the medium-term impulse wave (C) from April.
Soy is likely to fall further and re-test the next support level 9.200 (monthly low from last August the target for the completion of the active wave (C)).