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.
