The bean market enjoyed nice upside price action this past week.
My interpretation of structure has beans completing primary [B] of a double zigzag of cycle wave c. My alternate view is that primary [C] finished at the 1040 H and we have started cycle c down.
This structure reminds me of where the crude market was a few weeks ago. A [B] wave triangle is certainly possible and is a 2nd alternate.
If [B] is indeed finished, we should see 5 intermediate degree waves up that would finish [C], thus completing the double zigzag and cycle b.
Targets include [C] = [A] at 1172.50, while [C] = 61.8% of [A] at 1060.25, which is the minimum upside objective. The 78.6% retracement of a is at 1146.25.
Notice how the channel provided support and turned price higher.
I see no cycles of importance for the upcoming week ahead.
All prices basis continuous contract.
