Key level: 1082’4
Soybean market has been in sleeping mode since JULY 2018.
Uptrend sideways movement that clearly develop into triangle pattern add support to our wave count that soybean are currently in wave (4) phase.
By using Elliott rule of “WAVE 4 never enters the price territory of wave 1 and 2”, we can establish a strong invalidation level of 1082’4 served as our key level for this wave analysis
Trading strategy:
Wait for a clear impulsive 5 wave structure down to support the idea of wave (4) is already in place
Happy trading
Soybean market has been in sleeping mode since JULY 2018.
Uptrend sideways movement that clearly develop into triangle pattern add support to our wave count that soybean are currently in wave (4) phase.
By using Elliott rule of “WAVE 4 never enters the price territory of wave 1 and 2”, we can establish a strong invalidation level of 1082’4 served as our key level for this wave analysis
Trading strategy:
Wait for a clear impulsive 5 wave structure down to support the idea of wave (4) is already in place
Happy trading