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A downward wave "c" is progressing towards $9.71-3/4, the 100 percent Fibonacci projection level, based on the length of the wave "a" and the peak of the wave "b" at $12.75-3/4.
The downside could be extended to $8.90, if the support at $9.71-3/4 fails to stop the fall, as indicated by a head-and-shoulders pattern.
The pattern has been confirmed as its neckline of $11.71 was broken, and so long as soybeans remain below this level, the pattern will be valid.
It seems that the rise of the wave "C" from the Oct. 2009 low of $8.78-3/4 to $14.55 will be reversed, as mirrored chart patterns are unfolding in the current fall.