The CBOT soybean November contract (SX26) may retest a support at $11.47 per bushel, a break below could trigger a fall into the $11.38-1/2 to $11.42-3/4 range.
A wave C from $11.24-1/2 seems to have completed around a key resistance at $11.60-3/4, its 100% projection level. The subsequent correction may consist of three waves.
Only two waves have unfolded. The current wave c may travel into the range of $11.42-3/4 to $11.47. A break above $11.56 may lead to a gain into the $11.60-3/4 to $11.66 range.
On the daily chart, a retracement analysis reveals a neutral zone of $11.25-1/4 to $11.59, formed by the 38.2% and the 23.6% levels.
Considering that a five-wave cycle from $9.82-3/4 has completed, the market is biased to break $11.25-1/4.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. Views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.
** No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.