Soybean update

Soybeans
This is a update to the post below on 10/26/20

ZSF21

The Beans remain extremely positive as long as they stay above the long term swing point at 1020.00, this area has a major Gann square and is 23.6% of the current rally. The target is still 1170.00, this is 38.2% back to the all-time high and a major Gann square. We continue to believe  that this will be a multi year rally and 1170.00 will be the first major test of just how strong this market is. A reaction from this level could last for a few months and retrace as much as 38.2% of the rally. Currently 38.2% of the rally is 972.00 which is also a major Gann square and it is this level that would have to be taken out to turn the trend negative.

Where we are now,

The setback from the 10/27/20 high held well above the 1020.00 swing point and this rally is right up to our long term target of 1170.00, as mentioned above this is 38.2% back to the all-time high and a major Gann square. A break from this area could take them back to 38.2% of the entire rally and long term swing point of 1020.00. We still believe this is going to be a multi year rally and with a couple solid closes above 1170.00 the next long term target will be 61.8% back to the all-time high up at 1410.00.