New pivots for May Soybeans are in. Last shoulder has been created. Heavy buying on Thursday created right shoulder and reversal selling is pushing beans to cross the 20 day moving average. If this H&S pans out, minimal shoulder comes out at S3 at 972'2. Initial target is neckline at around S1 at 1017'1.
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Soybeans still showing H&S. Breaching R1 at 1072'6 may dissolve that notion .
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Soybeans broke pivot and stayed below. Next downside target for bears is at neckline S1 1017'1