RT Swing Trader Blog | News
20May/101

Swing trading software – How will Soybeans react after reaching projected target?

Twenty days after posting a high near the April 21st reversal date, July Soybeans reached the up-sloping reaction target line. The daily low of $9.31 tested the reaction line before finding support and rebounding to unchanged. This completes the five-wave cycle as the Soybeans reach the target objective–projected two weeks in advance–on the projected reversal date. While the long-term trend is still bearish, the short-term cycle suggests a possible corrective rebound from this level. I’ll have current updates in the TMV Swing Trade report.

July Soybeans

July Soybeans

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  1. Hi, the red moving average line almost passes through the last top in the downtrend. I have found that if you adjust the period of the moving average so that it passes exactly through the high then the moving average will become a significant resistance line in the downtrend. Have you noticed this?

    Also, is the upward sloping trend line parallel to the smaller upward sloping trend line that appears soon after the highest top?

    Thanks & Regards,

    James


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