Soy beans on wooden spoon
• Soy reversed from support area
• Likely to rise to 1080.00
Soy recently reversed up from the support zone lying between the support level 1030.00 (former resistance level from September), 50% Fibonacci correction of the upward impulse (i) from last month and the lower daily Bollinger Band.
The upward reversal from this support zone started the active impulse wave (iii) – which belongs to extended upward impulse wave C from August.
Soy is likely to rise further toward the next resistance level 1080.00 (which stopped the previous impulse wave (i)).
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