The correction will consist of three waves labelled A, B and C, with the current wave C unfolding towards $16.71, its 100 percent Fibonacci projection level.

The projection analysis also reveals the next target will be $17.07, the 61.8 percent level, as support at $17.29-1/2, the 38.2 percent level, has been broken.

A rise to $17.32 would signal soybeans have not been able to break the support at $17.29-1/2 and may rebound to $17.48.

No information in this analysis should be considered as being business, financial or legal advice. 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.