SINGAPORE: CBOT soybeans January is still eyeing a bearish target of $11.02 per bushel, the 161.8 percent Fibonacci projection level of a progressing downward wave "c".
The development of this wave has strictly followed the Fibonacci projection ratios, as both the 76.4 percent level at $11.57 and the 100 percent level at $11.41-3/4 have triggered moderate rebounds.
The 138.2 percent level at $11.17 may also activate a minor rebound which is likely to be capped at $11.21, and the current strong bearish momentum will eventually drive the wave "c" to $11.02.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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