• Soy reversed from resistance area
• Further losses are likely
Soy recently reversed down from the resistance area lying between the key resistance level 845.00 (former support from August) and the 38.2% Fibonacci correction of the previous short-term ABC correction B from the end of July.
The downward reversal from this resistance area stopped the previous short-term impulse wave C from last month – which belongs to the ABC correction (B) from July.
Soy is expected to fall further and retest the next strong support level 810.00 (low of the daily Triangle from July).