Soybeans New Target Above, SOYB

SOYBEANS

(SOYB) 

We did a post on Barchart a month ago just before it hit the upside target of 78.6% at 28.90. Failing to make a new high at the 78.6% level can send the market 78.6% back the other way following the ONE44 78.6% rule. The target on a setback from 28.90 was 27.40, it is just short of this and still could trade below it, however we would want to see the close back above it. Provided this does happen, or the current low holds, the target is now 78.6% the other way at 28.80.

This is the first part of the ONE44 78.6% rule,

Any market that hits 78.6% should go 78.6% back the other way. This is also where a lot of Bull markets end and start.

Knowing this, a failure to turn higher from here can end the Bull run for the time being.

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