SINGAPORE: The CBOT soybean January contract may temporarily peak around a resistance zone of $14.65-1/4 to $14.69-3/4 per bushel, as suggested by a projection analysis.

The zone is formed by the 161.8% projection level of a wave c from $13.66-3/4 and the 50% level of a bigger wave C from $13.62-1/4.

The small wave c may end around $14.65-1/4, even though the bigger wave C could extend far above this level.

At least a decent correction is expected to occur around the zone.

The wave C could alternately be counted as a wave (b), the second wave of a correction from the Sept. 13 high of $15.12-1/4.

CBOT soybeans may test support at $14.01-1/4

Based on this wave count, the upside may be limited to $14.95-1/4.

On the daily chart, the contract is expected to gain more to $14.76-3/4, as pointed by a falling trendline.

Trending signals will be rather mixed until the contract climbs above $15.12-1/4.

The current readings still favour a bearish scenario, as compared to the wave A, the drop from $15.12-1/4 looks too brief to be a wave C.