SINGAPORE: The CBOT soybeans January contract will drop to $11.77 per bushel, a low touched on Nov. 14, as a rebound from the Nov 10 low of $11.67 has been completed.
The rebound has adopted an "a-b-c" corrective wave mode, with the wave 'c" having traveled approximately the same length as the wave "a", as indicated by a Fibonacci projection analysis.
A Fibonacci retracement on the fall from $12.31-1/2 to $11.67 confirms the rebound was over, as it stopped around the 50 percent level at $11.99-1/4.
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.
Comments
Comments are closed for this article.