Soybeans (ZS_F) Forecasting the Rally After Elliott Wave Zig Zag Pattern

Hello fellow traders,

In this technical article, we are going to present Elliott Wave charts of Soybeans commodity ZS_F .  Recently ,the commodity completed its intraday Zig Zag correction at the Equal Legs zone. In the following sections, we will explain the Elliott Wave count.

Before we take a look at the real market example, let’s explain Elliott Wave Zigzag.

Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A  or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and  ideal retracements.

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ZS_F 1-Hour Elliott Wave Analysis 06.02.2025

Soybeans commodity ended cycle from the 969’0 low as 5 waves structure. The commodity has given us pull back against the mentioned low that unfolded as Zig Zag pattern.  We can clearly count five waves in both legs (a) and (c), which is characteristic of a Zig Zag pattern. The price has reached the Extreme zone at 1036’6-1028’2 ( buyers zone). We don’t recommend selling the commodity and expect further rally to resume from the marked area.

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ZS_F 1-Hour Elliott Wave Analysis 06.02.2025

The commodity has given us nice reaction from the marked extreme zone. Now, as far as the price holds above 1032’4 low, we can have correction completed and see the further strength. We need to see break above May 14th (1082’0) high to confirm next leg up is in progress.

Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent updates in the membership area of the website. Remember that not every chart is trading recommendation. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.