Soybean Reacted Higher From The Blue Box Area

In this technical blog, we are going to take a look at the past 1-hour performance of Soybean ticker symbol: ZS_F  Elliott Wave charts that we presented to our clients. We are going to explain the structure and the forecast below.

Soybean Elliott Wave 1 Hour Chart From November 21.2018

Above is the 1-hour Chart from 11/21/2018 Asia update, in which instrument was expected to correct the short-term cycle from 10/31/2018 low (832.6) in Minute wave ((b)). The internals of that pullback was expected to unfold in lesser degree double three structure. And see a push lower towards 860.4-837.6 100%-161.8% Fibonacci extension area of a Minutte wave (w)-(x) before next leg higher within Minute wave ((c)) starts.

Soybean Elliott Wave 1 Hour Chart From November 28.2018

Soybean 1-hour Chart from 11/28/2018 Asia update, the instrument reached the blue box area last week in 7 swings at 860.4-837.6 as expected and ended the Minute wave ((b)) at 857 low. While above there, the instrument was expected to resume the next leg higher within Minute wave ((c)) of a proposed zigzag structure coming from 10/31/2018 low.

Soybean 1 Hour Elliott Wave Chart From December 02.2018

Here’s the 1-hour update from 12/02/2018 Weekend update. Showing instrument breaking to new highs already, after finding buyers from the blue box area confirming the next extension higher.