In my update on Soybeans posted on 2-6-2019 I pointed to a bullish setup that was about to complete in the Green Target Box.
Back then I wrote: “I see a strong demand zone in between $800 and $760. “. Back then soybeans traded at $919.
In mid May 2019, three months later, soybeans bottomed at $791 in the middle of my Green Target Box. We have got a textbook corrective wave [ 4 ] down started at the top of the wave [ 3 ] ( the top was made at $1,492 in May 2014 ). That wave [ 4 ] down was clearly structured as [A] – [B] – [C].
Off this bottom we should get a multi month rally in wave [ A ] of [ 5 ] targeting $1,400. That is a potential of 56% gain from the current price.