SINGAPORE: The CBOT soybean November contract may fall towards $13.09-1/4 per bushel, following its failure to break a resistance at $13.36-3/4.

The failure marks the completion of wave c, which could be clearly divided into five smaller waves. It is the third leg of a corrective wave cycle from the Aug. 20 low of $12.77-1/4.

The completion of this cycle means a continuation of the downtrend from $14.18. A break above $13.36-3/4 may lead to a gain to $13.50-1/2.

On the daily chart, a small doji formed on Wednesday around a resistance at $13.26-1/2. It signals a false break above this level.

Corn is more likely to retreat towards $12.98-1/4 than to rise towards $13.61-1/4, as a downward wave c from $14.18 looks incomplete.

This wave could travel to $11.78-1/2. At least, it could fulfil its minimum target of $12.69-3/4.

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