Soybeans Confirm 2018 Peak is Intact; Drop into July Likely.
Soybeans Confirm 2018 Peak is Intact; Drop into July Likely.
05/16/18 Weekly Re-Lay Alert:
“Soybeans, Corn & Wheat have sold off after Corn & Wheat peaked a week earlier than expected. Soybeans are showing – based on their weekly trend – that a cycle peak in early-June is very likely to be a lower high. 6-week & 12-week high-high-(high) Cycle Progressions could generate that as soon as May 21 – 25… IF a quick bounce is seen.
That could drive prices lower into late-July – when a 29-week low-low-low-low Cycle Progression converges with 360-degree cycles.
Corn remains in weekly & intra-year uptrends and could see another surge into May 29 – June 5, the next phase of both a 10-week and 5-week low-low-(high?) Cycle Progression. Corn needs a daily close above 405.0/CN to validate that scenario. Wheat could set a low in the coming days but needs a daily close above 506.0/WN to confirm.”
In late-2017, the grain markets were forecast to see a 4 – 6 month advance to begin 2018 – leading into a multi-quarter peak in the middle half of 2018. Soybeans have just reversed their weekly trend down, confirming that their intra-year peak is already intact… even as Corn & Wheat could spike higher into ~May 29. The entire complex is expected to enter a new decline after that – potentially driving prices lower into late-July 2018. See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.