Soyameal:
Price has developed an ascending channel during the past months with higher highs and higher lows that look quite similar to the soybean picture. Like in the soybean chart, the EW current EW count suggests that price is in the start of its 3 of 3 wave which should lead the price to substantial higher levels from here which could easily add 30% to today's value before the spring starts. Price is likely to continue trading up from here but could, under lead of the soybean price make on more dip as well. We keep 309/308 as the point where we will reconsider our bull scenario. We consider the 350 level as our first target during the first half of January after which price can make a corrective move down before it continues trading up.
Price has developed an ascending channel during the past months with higher highs and higher lows that look quite similar to the soybean picture. Like in the soybean chart, the EW current EW count suggests that price is in the start of its 3 of 3 wave which should lead the price to substantial higher levels from here which could easily add 30% to today's value before the spring starts. Price is likely to continue trading up from here but could, under lead of the soybean price make on more dip as well. We keep 309/308 as the point where we will reconsider our bull scenario. We consider the 350 level as our first target during the first half of January after which price can make a corrective move down before it continues trading up.