Another pair that is interesting is soybean meal, where we see a strong bearish impulse in play since the start of July 2017. We can see Waves 1, 2 and 3 completed and a current three-wave recovery from the 920 region that can be a Wave 4 in the making.
Soybean meal, 4-hour
On the intraday chart of soybean meal, we have a better look at the minor structure within Wave 4. Ideally, Wave 4 is now trading in final stages with its sub-wave "c" and can search for a top near the upper channel line and near the Fibonacci ratio of 61.8 and from there can make a new drop lower.
Soybean meal, 1 hour