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Soy Wave Analysis – 11 March, 2019

  • Soy falling inside intermediate impulse wave (3)
  • Further losses are likely

Soy continues to fall inside the intermediate impulse wave (3), which started earlier from the resistance area lying between the strong resistance level 930.00 (which has been steadily reversing the price from the start December), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from May.

The prise just broke the round support level 900.00 – which accelerated the active impulse wave (3) from the start of this month.

Soy is expected to fall further and re-test the next support level 870.00 (monthly low from December).

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Source: FxPro


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