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Soy Wave Analysis – 24 April, 2019

  • 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).

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Source: FxPro


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