July Soybean Special update

Soybeans

July

From last week,

Use 1437.25 as the swing point for the week.

Above it, the targets are mentioned above and one thing to watch for is a trade over 1437.25 and a close below it on the same day, as this can cause a quick run back to the lows.

Monday spiked above the 1437.25 swing point for the week, but failed to close above it and this did cause a quick run back to the lows. This morning it hit 78.6% of last week's rally at 1404.00. Following the ONE44 78.6% rule, we know that the first target is 78.6% the other way and this is right at the 1437.25 major Gann square and that it can also become the start of another Bull run. It already had made a slightly lower low on 5/3/23 after hitting 38.2% above on 5/2/23 and with the retest of the lows it brings back what we were looking for longer term on the upside "provided" the 1404.00 level holds.