Soybean - a correction may complete at a good confluence of fibs at $758
The structure of the rally started at the lows of 2003 looks impulsive. In May 2014 it topped in a large wave [ 3 ] up. Since then Soybean has been in a corrective wave [ 4 ] down shaped as [A]-[B]-[C]. Currently we are in the final leg down of this corrective wave [ 4 ]. I see a strong demand zone in between $800 and $760. Unfortunately at this point we do not have any clear impulsive structure in that wave [C] of [ 4 ]. Nothing indicates at this point in time that it has bottomed.
Soybean - weekly chart updated on 6 February 2019
