SINGAPORE: The CBOT soybean March contract may test resistance at $14.13 per bushel, a break above which could lead to a gain to $14.23-3/4.

The correction on Monday was much deeper than expected. It may have been driven by a wave V-2, the second wave of a bigger wave V.

This wave count is based on the length of wave V-1, which looks much shorter than the wave I.

This will be a very exceptional relation if the wave V is considered complete.

CBOT soybeans may rise towards $14.38-1/2 to $14.46 range

Most likely, wave V consists of five smaller waves and has only partially unfolded. Support is at $13.84-3/4, a break below which could cause a fall into $13.56-1/4 to $13.72 range.

On the daily chart, a retracement analysis reveals a support at $13.85-3/4, around which the correction triggered by the resistance at $14.27-3/4 could have ended.

A break above $14.11 could lead to a gain to $14.27-3/4 while a break below $13.85-3/4 could open the way towards $13.49.

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.