Trading below 3978 would signal us that wave 3 is complete. If wave 3 topped, expecting a for sharp correction of wave 4 toward 38.2% area.
As for today, we will monitor 3978 key level, trading above this level will cancel the idea that wave 3 is in place. price movement below our critical level of 3499 will cancel this setup and we will label the chart using corrective sequence. (Switch over to alternate count if this happened) OUR CRITICAL LEVEL IS BASED ON ELLIOTT RULES THAT WAVE 4 CAN NEVER ENTER WAVE 1 PRICE TERRITORY. Beware of possible huge gap down on opening, please refer to other commodities chart.
ZL – Soybean Oil ZS – Soybean ZM- Soybean Meal ZC
I AM A GOOD TRADER - You only need one affirmation and this is it. Read these words every day until you don't have to read them anymore. =)