Soy Wave Analysis – 30 July, 2020

• Soy falling inside waves 1 and (C)

• Likely to fall to 870,00

Soy continues to fall inside the sharp downward impulse wave 1 which started earlier from the resistance zone set between the long-term resistance level 910,00 (monthly high from March), upper daily Bollinger Band and the 61,8% Fibonacci retracement of the sharp wave (A) from January.

The active impulse wave 1 is a part of the higher-order downward impulse sequence (C).

Soy is likely to fall down further toward the next support level 870,00 (low of the previous minor correction (iv)).