• Soy broke support zone
• Further losses are likely
Soy recently broke through the support zone lying at the intersection of the support level 113.00 (which stopped the previous short-term correction (a)) and the support trendline from the middle of July.
The breakout of this support zone accelerated the active short-term impulse wave (c) which belongs to the ABC corrective wave B from the end of July.
Soy is expected to fall further and retest the next support level 810.00 (target price for the completion of the active wave B and the low of the previous wave (A)).