May Soybean Meal Elliot Wave Head and Shoulders . Meal looking to break 20 day MA. Two outcomes possible, Wave rise to R2 - R3, or H&S . In theory wave 5 is shorter than wave 3, so both may occur with a final H&S .
Mar 26
Comment: Meal showing signs of a last shoulder and drop. Still under the 20 day MA. Target is breaking pivot at 372.1 and moving to S1 at 347.5
Mar 27
Comment: Meal has gone through pivot, neckline at 368 next.
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