Outlook for Soybean Oil Futures

On 14th December 2010, Wavetimes had suggested that Soybean Oil Futures could travel as high as 59.68, and I had posted a sell recommendation around that target. The actual high was seen on 10th Feb 2011, and it would have been possible to pin point the completion of the 5th wave of the Wave V if one were trading this actively (see black colored numbers). From the price action, it looks like wave C of the correction has commenced, and any move below 55.20 would all-but-confirm continuation down to 48.30. Now short-term traders of Soybean oil futures need to know how to handle the risks, but the aim of this post is to show you the direction. To help you trade it requires a deeper commitment that I cannot make at this point. So good luck, folks. Ramki