Soybeans running out of RSI - Bull Butterfly
August Soybeans is nearing S3 at 966'2 and almost depleted RSI. This will give us a double bottom and a Bull Butterfly. This market could jump up then continue down into the 954 area and 935, although 935 might be a long shot. We might get a W bottom or sideways channelling down here.
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Soybeans busted through R3 and headed for 956. This will take it to first tier support tracing back to August 16 of last year.
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Correction from last comment it should have been S3 not R3. 956 becomes support. If breached Soybeans to 938
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Soybeans falls further. Now heading for 938. If this is breached we may have a fall to 918
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Wow, bean fall to 849'7. Looking for sidways moves here.