ONE44 Analytics where the analysis is concise and to the point
Corn continues to close above our long term swing point of 510.00, this is 38.2% back to the all-time high. They are now up against the 555.75 major Gann square, on a break from here look for 510.00 and with a close above it you can use it as the short term swing point with the 588.75 major Gann square as the short term target. The long term target remains up at 640.00, this is 61.8% back to the ATH. With a solid close below the 510.00 long term swing point look for 460.00 this is 38.2% of the move up and the level that must hold to keep our idea intact that this is going to be a multi year rally. We have had this opinion since last fall,
Soybeans continue to trade between the 1436.00 major Gann square and the 1292.00 major Gann square. just below 1292.00 is 23.6% of the current rally at 1283.00 and above is 1410.00 this is 61.8% back to the all-time high, this was also our long term target, once they closed above 1200.00. They will need to close above 1410.00 and then the 1436.00 major Gann square to give us a new long term target of 1590.00, this is 78.6% back to the ATH and a major Gann square. There is one other major Gann square to look for resistance before then at 1512.00.
For the downside,
They have already reacted to 23.6% at 1283.00, so on another break from the 1410.00 to 1436.00 area, look for 38.2% of the move up at 1190.00, this is our long term swing point and like the Corn it is the level that must hold to keep the idea that this is going to be a multi year rally alive.
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements and Gann squares.
You can get all the rules and guidelines to the Fibonacci retracements on our website
Sign up for our Free newsletter here.
This is our latest video in an ongoing series of how to use the Fibonacci retracements. Even if you do not trade the market covered the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.