CBOT soybeans seen retracing into $13.01-1/4 to $13.07-1/4 range

CBOT soybean November contract may retrace into a range of $13.01-1/4 to $13.07-1/4 per bushel after failing to break resistance at $13.16-3/4. The drop from $13.32 has been developing within a falling channel, with the downward wave 5 possibly unfolding toward $13.01-1/4. A break above $13.16-3/4 could lead to a gain at $13.22-1/2. The contract has repeatedly failed to break resistance at $13.31-3/4 on the daily chart, suggesting either extended consolidation or a double-top formation, which will be confirmed by a break below $13.