Soybean Elliott Wave Analysis

The bounce from August appears to have completed as the commodity now aims for a new low for the year. Thus, the bearish sequence from June 2022 should extend lower.

The price is in a bearish corrective phase on the daily chart - correcting the impulse wave cycle between May 2019 and June 2022. From the high of June 2022, we can expect a 3-wave structure at least. Wave ((A)) ended in October 2023 with a diagonal structure before a shallow bounce for wave ((B)) followed to the high of November 2023. Since November, a bearish impulse wave has evolved for wave ((C)). Price completed wave (4) of ((C)) in September 2024 as a sell-off for wave (5) of ((C)) followed. Wave (5) could extend to 866-661 before another recovery begins.

Alternatively, the decline from the June 2022 high ($1787) could also be an impulse structure if the price exceeds 535. In either case, the downside is very much favored to continue in the coming weeks.

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On the H4 chart, it appears the price is still in wave 1 of (5). This means traders should focus on selling bounces. Decline will most likely breach 866 and run to 661 before completing the impulse wave for (5) of((C)).

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