CBOT soybean May futures contract is likely to rise based on a wave C, potentially reaching a range of $15.36-1/2 to $15.65-1/4. The uptrend is confirmed from a low of $14.05 and could indicate a target far above $15.65-1/4, as per a pennant pattern. However, a break below the $15.18-3/4 support could lead to a further drop to $15.07-3/4. The soybeans market may retest support at $14.93-1/4. The daily chart suggests an inverted head-and-shoulders pattern from the February 28 low of $14.77-3/4 that could indicate a target of $16.60 once confirmed. This strong rally could only be explained by a continuation of the uptrend from the low of $13 on July 22, 2022. A break above $15.24-3/4 may confirm the pattern.