Elliott Wave Analysis: Soybeans In The House; Weakness Could Extend Towards The 1000 Region

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During the US sessions, we will take a moment and take a glance at some commodities. The first one is Soybeans. As we can see on the chart, soybeans are trading nicely lower for some time now and we believe even more weakness will show up in a couple of weeks. Looking at the chart, we could now be trading in black sub-wave 3 of three, that may be in final stages. If we are correct, then more weakness may show up from current levels as minor sub-wave iv seems completed.

We see 1002 region in view, before a three wave contra-trend move into wave 4 takes place.

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Soybeans, 1H

 

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.