SINGAPORE: The CBOT soybean July contract may retreat into a range of $15.24-1/4 to $15.33-1/2 per bushel, due to the completion of a five-wave cycle.

The cycle started at $14.98-3/4.

The deep fall from the Tuesday high of $15.78-1/2 marked the completion of the cycle.

The wave d ended around $15.24-1/4, which works as a correction target.

Resistance is at $15.58, a break above which could lead to a gain to the $15.68-3/4 to $15.82-1/4 range. On the daily chart, the contract is riding on a wave (5) which is expected to travel above the peak of the wave (3) at $16.67-1/2, the May 12 high.

This wave has completed its first part.

The second part, driven by a wave (5)-2, is expected to end high above $15.04-1/4, to be then reversed by the wave (5)-3.

A break above $15.73 could confirm the progress of the wave (5)-3 towards $16.14-3/4.

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