Soy Wave Analysis – 22 May, 2019

May 22, 2020 at 03:29PM

• Soy broke daily up channel

• Likely to fall to 822.65

Soy recently broke the well-formed daily up channel from April (which encloses the previous medium-term ABC correction (2))

The breakout of this up channel should accelerate the active impulse wave 3 – which belongs to the medium–term impulse wave (3) from the start of May.

Soy is likely to fall further toward the next support level 822.65 (low of the earlier Bullish Engulfing from the end of April).

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From: The FxPro Tech Analysis Team
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