- Soybean futures are at a crucial juncture.
- We saw a stupendous rally last year, and prices touched a high around 5000.
- We are back to the time (sowing season) when there is a supply crunch in the markets and the demand is high.
- Technically speaking, we have a sharp 5 wave rally last year wave , preceded by a 5 wave move wave , and also followed by a possible 5 wave move in wave .
- Of this latest 5 wave move, we have waves (1)-(2)-(3) done, wave (4) is in progress, and hopefully wave (5) should follow.
- Ideally prices should go above the top of wave , atleast close to it.
- So once this correction in wave (4) is done, which I feel is quite close to finishing, we should see prices rising.
- Whether we take out the previous high, or fall short of it, I cant tell now, but we should surely get a tradable up move in coming months.
Tuesday, May 28, 2013
Soybean - Elliott Wave Update
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