Soy Wave Analysis 24 September, 2020

• Soy broke daily up channel

• Likely to fall to 986.00

Soy continues to fall inside the sharp downward correction 4, which started earlier with the daily Bearish Engulfing from the key multi-month resistance level 1040.00.

The price today broke the support trendline of the daily up channel from August – which should accelerate the downward movement of this instrument.

Soy is expected to fall further toward the next support level 986.00 (low of the previous short-term correction (iv) and the target price for the completion of the active wave 2).