SINGAPORE: The CBOT soybean November contract may retest a support at $14.71-3/4 per bushel, a break below which may be followed by a shallow drop to $14.55-1/2 to $14.61-3/4 range.

The contract failed to break a resistance at $14.96-3/4.

The failure triggered a correction which was driven by a wave 4.

It is not very clear how deep this wave could travel.

Based on the strong surge on Monday, this wave may extend a bit to $14.55-1/2 to $14.61-3/4 range.

A break above $14.88-1/4 may lead to a gain into $14.96-3/4 to $15.04-1/2 range.

CBOT soybeans may retrace to $13.93-3/4

The uptrend remains intact, which consists of five waves.

The wave 5 may travel above $15.14-3/4. On the daily chart, a bullish pennant has failed, as suggested by the shooting star on Tuesday.

This candlestick pattern also suggests a further fall on Wednesday.

An aggressive target of $15.84-3/4 has been temporarily aborted.

It will be resumed when the contract breaks $15.14-3/4.