Soybeans CBoT target reached and position square

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Price has reached our target during the past week and made an impulsive overshoot to even higher levels. Price is also forming a 'ascending broadening wedge' which is a reversal pattern. We believe that price is at or close to the end of its current move up and that it will reverse in a corrective move down of 10-15% soon. The candle of last Friday has a long upper shadow and a narrow real body at the lower end of the candle which could be the bode that the reversal is imminent. At the same time price made a new high which indicates that it wants to go even higher. Our bias is neutral from here until we see a clear sign that the top is in the market indeed and only after that we will start looking for a possible trade to entertain. In case that we miss the next move we will patiently wait until we feel comfortable for the wave after the next.

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