CORN Update
ONE44 Analytics where the analysis is concise and to the point
CORN
Our long term target remains 640.00, this is 61.8% back to the all-time high. The long term swing point to keep our idea that this is going to be a multi year rally alive, is 470.00.
In between these key levels there are major Gann squares to use for support and resistance, these are marked by the yellow horizontal lines. They are currently up against the 555.75 major Gann square, below it look for the next major Gann square at 520.00 and then 510.00, this is 23.6% of the 2020 low and at this level it would put it back on top of 38.2% of the all-time high. Provided this was all they could get down to on any setback it would keep the market extremely positive and new highs should follow Per the ONE44 Fibonacci rules and guidelines, it is 38.2% of the move that would have to be taken out to say the long term trend has changed.
Above 555.75 look for the next 2 major Gann squares at 588.75 and 620.25. Each of these can be used as a swing point once they have closed above, or below them.
To find even tighter support and resistance we recommend using the 30 min. chart below. This is based on W.D. Gann's 'Law of Vibration" these levels are also marked by the yellow horizontal lines.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.
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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.
In our last video we updated the view on AMD (link below), there has already been a 10% move up in 9 trading days from the actionable information in it.
https://www.youtube.com/watch?v=gSISbkEtQj0&t=143s&ab_channel=ONE44Analytics
