Soybeans:
The price is not following our preferred path and we have removed our bear-flag-pattern from the chart. Still, the EW count suggests another round of selling to the 900/880 level from here and as long as our resistance levels remain intact we keep our bear bias unchanged. Thursday's session created a classic 'Hanging Man' which is a reliable indication that the end of the move up is eminent but needs confirmation. Same confirmation came during Friday's session when the market posted a red candle. We expect a lower opening for Monday and follow through during the coming week.
The price is not following our preferred path and we have removed our bear-flag-pattern from the chart. Still, the EW count suggests another round of selling to the 900/880 level from here and as long as our resistance levels remain intact we keep our bear bias unchanged. Thursday's session created a classic 'Hanging Man' which is a reliable indication that the end of the move up is eminent but needs confirmation. Same confirmation came during Friday's session when the market posted a red candle. We expect a lower opening for Monday and follow through during the coming week.