I was taking a look at the soybean chart that we discussed previously and I found a possible alternate scenario to the one I posted this past weekend. 

I have labelled the waves on the ZSX3 chart below and posted a ZCZ3 chart as well. The timing of the ZSX3 waves coincides with the five ZCZ3 waves. I have a new potential downside target for ZSX3 near $10.75.

My new calculations show the first wave ending 9/4/2012 equalling $1.04. The third wave equals $1.75 (~1.618) ending on 4/22/2013. Note that there is still overlap of waves one and four, but not much on the weekly chart. I believe that we are working the fifth wave down from the 1333 high with a first target of ~$10.75 (which could be extended to ~9.75).

All of this down side movement depends on the soybean crop being "made". I am still holding ZSX3 put and call spreads just in case.

Let me know what your think.

Good Luck!