Soy Wave Analysis 8 December, 2020

• Soy broke support level 1160.00

• Likely to fall to 1120.00

Soy continues to decline after the price broke below the support level 1160.00 (which was set as the likely downward target in our earlier forecast for this instrument).

The price is currently moving inside wave (iii) of the minor impulse wave 1 – which belongs to the impusle3 wave (1) from the end of November.

Soy is expected to fall further toward the next support level 1120.00 (intersecting with the daily up channel from the middle of August).