Soybeans

ZSF21
The Soybeans have hit the long term target of 1170.00, this is 38.2% back to the all-time high. I still believe this is going to be a multi year rally, but this area can set this market back for awhile. There is a major Gann square at 1160.00 and if they get a couple close's below this, the target will be 38.2% of the move up from May 2019, this is 1030.00, it is also the previous long term swing point, along with a major Gann square at 1025.00. Any break that can only go 23.6% back at 1090.00, also a major Gann square would be very positive, especially coming from such a major retracement above. You can now use 1170.00 as the long term swing point.Provided they get a couple solid close's above it the long term target will be 61.8% back to the all-time high, this is 1410.00. Resistance before then, is 1290.00, this is 50% back to all-time high and a major Gann square.