Soy Wave Analysis – 12 October, 2021

• Soy broke support level 1235.00

• Likely to fall to support level 1200.00

Soy under the bearish pressure after breaking the pivotal support level 1235.00 (which stopped the previous minor impulse wave (i) at the start of October).

The breakout of the support level 1235.00 accelerated the active impulse waves 3 and (iii).

Given the prevailing downtrend, Soy can be expected to fall further toward the next support level 1200.00 (target for the completion of the active impulse wave (iii)).