Soybeans

The bean market traded higher this past week after bouncing off the daily 50 sma.
Interpretation remains intermediate wave (2) of primary [C] of a double zigzag cycle b wave.
Price action off the 951.25 L does not appear impulsive. This suggests that (2) needs additional work. Should this be the case, the channel will be in jeopardy.
The 880.25 L is a critical level. Any trade through this price invalidates this leg being a (2).
A triangle may still be in play, whether an [X] or [B].
The retracement levels of (1) are on the chart.
Bottom line - It appears that wave (3) will need to wait a little longer. I'm expecting downside pressure for the upcoming week.