CBOT:ZMN2016   SOYBEAN MEAL FUTURES - ECBT
14 0 1
Soybeanmeal:
Price has bee trading extensively beyond our price target and could well be at the end of its current wave. We see mixed and contradictory signs in the development of this chart and want to see a clearer picture develop before taking any action. The upward potential from here obviously is very limited so that is not an option to consider at all but at the same time the timing for a short play could be not for now.
Price has been moving within the ascending wedge from where, as per the rules of TA, it should break our to the downside. At the same time we see a ending diagonal developing during the past 6 to 8 session which, as per same TA rules, is a continuation pattern. There is a complete wave count possible as per the EW rules and principles but that does not mean that the EW pattern is complete indeed.
We want to see what happens next on this chart and will go into a 'wait-and-see' mode until we see a clear picture.
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