Beans

The bean market continued with its wave (2) retracement this past week.
Interpretation remains intermediate wave (2) of primary [C] of a double zigzag cycle b wave. The primary [B] wave triangle is still my alternate view.
Drilling down intraday shows a very nice ABC corrective so far for wave (2). Price had a nice deep 88.6% retrace.
Perhaps it will want the reciprocal, 112.8% of A, for this C leg. This comes in at 944.
Other targets are where C = A at 953.75, and the 161.8% projection of A at 911.25.
The retracement levels of (1) are on the chart.
As stated last week, I am still hopeful that the channel can maintain its integrity during this retracement process. It has supported twice thus far, making it vulnerable for a break, should price reach it.
The key levels for this upcoming week include the 880.25 L, as well as the 1029.50 H. Any trade through that high will likely signal that wave (3) has begun, assuming our assessment is correct.
I maintain a keen watch of the continued RSI divergence.
Bottom line - I expect wave (2) to come to a close shortly. We should witness nice upside price action with the onset of (3).