Soybean Oil : A potential bull phase

Price retreated 0.786% of the entire bull run and confluence with wave C supporting at 0.618 of wave A presents a call for closer scrutiny. The upswing displayed a 5 wave overlapping sequence which can be interpreted as a leading diagonal wave 1. Implication is highly probable bullish.

A third attempt breakout above the trendline retreated back under the trendline was a wet blanket. However, market appears intact. A move above 49.16 will increase the probability further upside.