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SINGAPORE: CBOT March soybeans will retrace to $12.36 per bushel, as they failed a resistance at $12.65-1/4, the 100 percent Fibonacci projection level of a wave "c" target.
The drop from the Wednesday high of $12.69 signals a rebound from the Jan. 12 low of $11.50 has completed, with the wave "c" having developed roughly the same length as the wave "a".
A trendline ascending from the trough of the wave "b" at $11.84-1/4 points to a target at $12.36.
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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