Corn Wheat update
ONE44 Analytics where the analysis is concise and to the point
Corn had one close below the 510.00 long term swing point. The next day's low could not even get back to the 484.00 major Gann square that was also 23.6% of the move, before closing back above 510.00. This keeps the market extremely strong. As long as it continues to close above 510.00 the long term target is 640.00, this is 61.8% back to the all-time high. Before this are a few other major Gann squares to look for resistance at 555.75, 588.75 and 620.25.With a solid close back below 510.00 look for the 484.50 major Gann square and then 38.2% of the move up at 455.00. We know that based on the ONE44 Analytics Fibonacci rules and guidelines a market must hold 38.2% to keep the current trend intact. It also needs to hold to keep our view that this is going to be a multi year rally alive, as we have been saying since the fall of 2020.
As long as they can stay above the 684.00 major Gann square our long term target remains at 730.00, this is 38.2% back to the all-time high. With a solid close below 684.00 look for the next major Gann square at 584.00 and just below look for 565.00, this is 38.2% back to the 2016 low. Like the Corn this is the level that needs to hold to keep the idea of this being a multi year rally intact.
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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