Archer-Daniels-Midland Update

This post is just to show why we feel the Fibonacci retracements are the underlying structure of all markets.

It Is Everywhere.

ADM

We did a post on 8/22/23 saying the market needed to hold 80.70 (38.2%) or it could go on to complete the ONE44 61.8% rule and hit 61.8% the other way.

It fell short of 61.8% at 76.65 and the next rally could only get to 38.2% back on 9/14/23. This turned the short term negative and new lows followed.
The next attempt to rally could only get 23.6% on 10/18/23 showing that this market is extremely weak. The last rally attempt on 11/3/23 also could not get above the new 23.6% level at 73.47, this was also a major Gann square.

Now

Use 73.47 as the swing point for now.

Above it, there are a couple of key levels to look for that have a combination of retracements. The two most important highs to retrace to, are the ATH on 4/21/22 and the last high on 7/26/23 when it hit 61.8% back to the ATH. The first hurdle is 76.45, this is 23.6% to the ATH and 38.2% back to the 7/26/23 high. The short term trend will not turn positive until it can take out 38.2% and 61.8% of the same two highs at 81.00.

Below 73.47 the trend remains extremely negative and the long term target is 38.2% back of the ATH and ATL at 63.07, this is also a major Gann square. The short term target is the next major gann square at 68.02.