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.
Beans, Wheat and Corn start today below major Gann squares. In Beans it is 1436.00, Corn it is 555.75 and in Wheat it is 648.00.
Beans traded above the 1436.00 major Gann square and had one minor close above it and now are back below it, this is our swing point now. To confirm that a bigger break is coming first we want to see a close back below 1410.00 this 61.8% back to the all-time high and secondly below 1400.00 this is 38.2% back to 1297.00. Provided they do this look for 1200.00, this is 38.2% of the current rally and our long term swing point. Any break from the 1436.00 major Gann square that can only get down to 1400.00 keeps the market extremely strong and with a solid close above 1436.00 look for 1580.00, this 78.6% back to the ATH and a major Gann square.
On a break below the 555.75 major Gann square look for the area of the 520.00 major Gann square and 510.00 this is 23.6% back to the 2020 low. Our long term swing point remains at 471.00, this is 38.2% back to the 2020 low. The long term target remains at 630.00, this is 61.8% back to the ATH, however it will need to get a couple solid closes above the 555.75 major Gann square to look for that.
Any break below the 648.00 major Gann square that cannot get below 626.00 keeps the trend very positive and back above 648.00 the long term target is 730.00 this is 38.2% back to the ATH. With a close below 626.00 look for the long term swing point at 565.00, this is 38.2% back to the 2016 low.