Soy Wave Analysis – 04 February, 2020

• Soy reversed from support area
• Likely to rise to 890.00

Soy recently reversed up from the support area lying between the strong, multi-month support level 870.00 (which reversed the previous sharp ABC correction in December, as can be seen below) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous wave C of the medium-term ABC correction (2) from January.

Soy is likely to rise further in the active impulse wave (3) toward the next resistance level 890.00 (former support from December and January).