- Soy broke support area
- Further losses are likely
Soy continues to fall after the recent breakout of the support area lying between the support level 870.00 (monthly low from December) and the 50% Fibonacci correction of the previous upward impulse from September.
The breakout of this support area accelerated the active impulse wave 3 of the medium-term downward impulse wave (3) from the start of March.
Soy is expected to fall further and re-test the next support level 854.50 (monthly low from November).