Soybean Oil - Building a nice triangle before lower

Soybean Oil - Building a nice triangle before lower

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.   

Love the good work, most accurate I’ve found in my research. Darryl
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!