Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Soybean Futures ( $ZS_F ). As our members know we are favoring the long side in the commodity. We advised members to avoid selling Soybean Futures and keep buying the dips in the sequences of 3,7,or 11 swings against the 882’1 pivot, whenever opportunity presented itself. In further text we’re going to explain Elliott wave Forecast and trading strategy.
Soybean Futures ( $ZS_F ) 1 Hour Elliott Wave Analysis 10.17.2019
We got 5 waves up in the short term cycle from the 882’1 low. That cycle ended as wave 3 red. We got short term pull back -wave 4 red. Pull back reached buyers zone at 929’1-919. We don’t recommend selling Soybeans against the main trend and favor the long side-buying the dips at the marked blue box. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least. As soon as the bounce reaches 50 fibs against the (X) blue high, we will make long positions risk free and let the profit run.
Soybean Futures ( $ZS_F ) 1 Hour Elliott Wave Analysis 4.18.2019
Buyers appeared right at the blue box when pull back is count completed. Soybeans has given us nice reaction up from the blue box . Now, we would like to see further separation from that low and break toward new high. We need to see break above 3 red peak to get confirmation next leg up is in progress. At this stage all long positions should be risk free.
Keep in mind that market is dynamic and presented view could have changed in the mean time. 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.
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