Friday, October 3, 2014

Elliott wave analysis on Soybean Oil - A nice triangle is building


Soybean Oil is building a nice triangle before lower to the 28.50 - 29.00 area 
Soybean oil is in a long term downtrend, which should ultimately take us to 19.10 (bottom of wave 4 of one lessor degree). However, we will not go there in a straight line and need a couple of swings on the way lower.
Currently a nice triangle is building, the triangle isn't finished yet, but we are getting close and once the triangle consolidation is over, we should see a thrust out of the triangle towards the downside for a continuation lower to the 28.50 - 29.00 area to end red wave v and black wave iii. This will set the stage for some kind of flat correction correction in black wave iv. As black wave ii was a simple zig-zag correction, we should expected some kind of flat black wave iv to unfold. It could also be a new triangle consolidation, but as triangles is made up of combinations of zig-zag's the first wave will be the same.
Once black wave iv is over in the 32.00 - 33.00 area we should look for the final impulsive decline towards 19.10 to end wave Y from 60.40.   

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