Soybeans' overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
Soybeans Report discusses the setup in the Evolution of the Trade in fine detail. It will encourage you to see energy as a participant in the composite trend, and not the sole driver.
Energy plays a role in creating the ebb and flow within the primary trend, but its 'importance' increases during the Energy Build or Nibble Phase only. Let's not forget, that Nibbles are allowed if large bullish or bearish energy build materializes within an aging primary trend. The computer recognizes Nibble opportunities in the Primary Trend Decline Phase; They'll be coded PDT1 or PDT2 in the phase column.
It's still way too early to call beans dead in the water. With that said, screams of “You blew it up! Ah, damn you! God damn you all to hell!” might be still coming.
If you're not interested in the Report, please focus on the Beans ProIndex in the coming weeks (download the Matrix). Professional selling led the decline to today's line in the sand. Professional buying will be needed to prevent it from crossing over it. The ProIndex needs to turn up, and it cannot take out the 2020 low.
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