OREANDA-NEWS. March 10, 2015. CBOT soybeans May contract is expected to retest a support at \\$9.80 per bushel, a break below which will lead to a further loss to \\$9.72-1/4.

The support is established by the 76.4 percent Fibonacci retracement on the rise from the Jan. 30 low of \\$9.61-3/4 to the March 2 high of \\$10.39. This barrier has triggered a pullback towards a trendline rising from \\$9.61-3/4.

The pullback has been driven by a wave 4, the fourth wave of a five-wave cycle that developed from \\$10.39. This wave may end around a resistance at \\$9.91-1/4, the 61.8 percent level, and will be totally reversed by a downward wave 5.

A break above \\$9.91-1/4 could cause a further gain to \\$10.00-1/2, the 50 percent level.