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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,
Corn is now above the 555.75 major Gann square, as long as it continues to close above it, look for the major Gann squares at 588.75 and 620.25 then the long term target of 640.00. With a close back below 555.75 look for 23.6% of the rally at 510.00. The long term swing point has now moved up to 468.00.
The second Chart below are natural support and resistance levels that are based on W.D.Gann's "Law of Vibration".
These are best to use in between the longer term levels.
Each level can be used as support and then resistance once taken out and the reverse when starting as resistance. These levels will be good until the end of each contract.
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
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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.