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Soybean Elliott Wave Analysis

Soybean is breaking lower after making a corrective top at 1080. Downside appears to be favored in the short-term to align with the long-term bearish path. 

Soybean Daily Chart Analysis

On the daily chart, the commodity has been on the bearish path since June 2022, when it completed the bullish impulse wave cycle that started in May 2019. According to the Elliott wave theory, after a 5-wave sequence, a 3-wave sequence should correct in the other direction. Thus, the decline from June 2022 is correcting the bullish impulse from May 2019. Meanwhile, this bearish corrective phase completed the first leg wave ((A)) in October 2023, when it made a swing low at 1250 before a corrective bounce in wave ((B)) at 1398 followed. From November 2023, wave ((C)) emerged and appears to have completed wave (4) of ((C)) with a flat structure in February 2025. Thus, the sellers may regain control in the coming days or next few weeks to push for wave (5) of ((C)) and complete the corrective sequence from June 2022.

Soybean H4 Chart Analysis

The H4 chart shows the sub-waves of wave (4) and how the price has reacted from the 1080 where it’s proposed to have finished. There is a risk of wave (4) advancing the closer the price approaches the 1080 mark. Thus, while 1080 holds, the downside is more favored to continue in the short-term.

Technical Analyst : Sanmi Adeagbo

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