Soybean Oil Futures

high RR opportunity as sellers return to support in uptrend

45
1->4 : creates higher highs and lows, making numebr 1 a major market low when number 2 surpassed the previous pivot before this count, and number 3 a solid market low when number 4 surpassed number 2

4->5 : we return to solid major buyers in number 3 , I decided to make the pivot here becase this is the horizontal intersection of all 3 candles making this pivot without violating any of the candle bodies

what do I think will happen ?

* with a fractal higher high in the candles it shows a good sign that we might continue up from here and if the pattern and momentum/trend follows continue and surpass number 4 at some point

* we are on an uptrend and have returned to fill a gap with bullish candles at this point on the daily timeframe

* bullish divergence on both RSI and MFI

* oversold on both RSI and MFI

* zones have a 62% follow through rate on bullish follow throughs , over past 2,500 candles, you can reduce lookback to a few hundred and manually count using replay to ensure its only realtime counts, this helps in confirming our stop loss as well as a breakeven ( and potentially add position ) and take profit point.

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