• This wave is capable of travelling into a wide range of $9.32-3/4 to $9.83-1/2.
• CBOT soybean November contract still targets $9.32-3/4 per bushel, as suggested by its wave pattern and a projection analysis.

The contract is riding on a wave (C) from $8.51.

This wave is capable of travelling into a wide range of $9.32-3/4 to $9.83-1/2, formed by its 61.8pc and 100pc projection levels.

Three smaller waves make up the first part of the wave (C).

A projection analysis on the third small wave labelled c reveals a target at $9.34, its 100pc level, which is near $9.32-3/4.

Strategically, the target zone of $9.32-3/4 to $9.34 will be confirmed when the contract breaks the nearest resistance at $9.17-1/4.

Support is at $9.13-3/4, a break below which may cause a fall limited to $9.07-3/4.