CBOT soybeans may fall further into $8.74-1/4 to $8.77-3/4 range

• The contract has broken a support at $8.87-1/4, the 76.4pc retracement on the uptrend from $8.65 to $9.59-1/2.
• A break above $8.87-1/4 could lead to a gain into the range of $8.91-1/4 to $8.95-1/4.

The contract has broken a support at $8.87-1/4, the 76.4pc retracement on the uptrend from $8.65 to $9.59-1/2. Based on this retracement analysis, the next support will be at $8.77-3/4.

Wave pattern suggests the progress of a downward wave (c) from $9.42-1/4. A projection analysis reveals a target at $8.74-1/4, the 200pc level.

A break above $8.87-1/4 could lead to a gain into the range of $8.91-1/4 to $8.95-1/4.

On the daily chart, a projection analysis on a downward wave C from $9.59-1/2 indicates a target zone of $8.65-1/2 to $8.78-1/4, formed by the 100pc and the 86.4pc projection levels.