Soybean was developing a big triangle since July 2008. The triangle has been forming for approximately 2 and half years now. And this patten seems to have completed in Oct 2011. The indicators also support the triangle formation. We are currently in wave (3) of the thrust which follows a triangle, and the primary target zone for wave (3) comes around 2790 - 2825 range. We might pause here for a while, but there is no doubt that Soybean is headed much higher from current levels.
Thursday, January 05, 2012
A two and half year triangle resolving in Soybean!
Tags
# Commodities
# Soybean
About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...
Soybean
Categories:
Commodities,
Soybean
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