ZS_F Forecasting The Rally And Selling In Blue Box

ZS_F (Soybean Futures) 9 August 2022, 1 Hour Elliott Wave Update

Current view suggests ZS_F is bounce to correct the decline from July 29, 2022 peak (1671'3). First leg from the low was in 5 waves which has been labelled as wave A. Pull back was corrective and completed wave B. We have already seen a new high above wave A which makes it an incomplete sequence against August 8, 2022 low. Current view suggests C leg is in progress toward 1541'7–1596'7 area (highlighted with a blue box).

ZS_F (Soybean Futures) 10 August 2022, 1 Hour Elliott Wave Update

Chart below shows ZS_F (Soybean Futures) made the push higher toward the blue box area as expected. The instrument has found sellers at the Blue Box area and we are getting good reaction from there. Bounce completed at 1557'2 as a Zig Zag pattern. The reaction lower from the blue box reached 50 fibs against the red B connector. Consequently, members who have taken the short trades at the blue box are now enjoying profits in risk free trades. Now we would need to see break of August 3, 2022 (1390'0) low in order to confirm next leg lower is in progress. Once the instruments breaks below August 3, 2022 low, the instruments will become bearish against August 10, 2022 high and might offer some new selling opportunities in the short-term bounces in 3, 7 or 11 swings against 1557'2 high. Until August 3, 2022 low doesn’t break, a double correction high still can’t be ruled out in which case we would highlight the next blue box buying area for the members.

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