A complex correction is currently in progress. Structural setup would indicate further losses. Minor underneath support comes in at +/- 302.0. A recovery from this level is plausible. Subset wave pattern could produce gains which reach for 333.0 level. It should be clearly stated that an unraveling could be in the cards. First major target rest at +/- 270.0. If W-Y-Z breakdown would to extend to projected levels price would reach as low as 230.215.
Soybean oil paints a similar, however, less clear picture. This is in regards to shorter term confirming structure. Weekly wave patterns that are unfolding point to lower level. A hold below 31.5 should trigger continued weakness. To complete pattern a violation of 26.53 is likely. Extended pressure targets +/- 23. In the scenario that a test of 31.5 produces a rebound a recovery would eye 35-36 level. A rise above this zone could extend to 39. Only a fortification of this level would change overall scenario.
