Soybean Commodity Elliott Wave Technical Analysis – Thursday, October 17


Soybean Elliott Wave AnalysisThe bounce from August appears to have completed as the commodity now aims for a new low for the year. Thus, the bearish sequence from June 2022 should extend lower.The price is in a bearish corrective phase on the daily chart – correcting the impulse wave cycle between May 2019 and June 2022. From the high of June 2022, we can expect a 3-wave structure at least. Wave ((A)) ended in October 2023 with a diagonal structure before a shallow bounce for wave ((B)) followed to the high of November 2023. Since November, a bearish impulse wave has evolved for wave ((C)). Price completed wave (4) of ((C)) in September 2024 as a sell-off for wave (5) of ((C)) followed. Wave (5) could extend to 866-661 before another recovery begins.Alternatively, the decline from the June 2022 high ($1787) could also be an impulse structure if the price exceeds 535. In either case, the downside is very much favored to continue in the coming weeks. On the H4 chart, it appears the price is still in wave 1 of (5). This means traders should focus on selling bounces. Decline will most likely breach 866 and run to 661 before completing the impulse wave for (5) of((C)). More By This Author:Elliott Wave Technical Analysis: Titan Company
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