Soybeans - bottomed after it hit the target set in Feb'19

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.

Soybean futures - weekly chart updated on 15 June 2019

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