In our last update on 9/10/20, this is what we posted...
The Soybeans have now had two closes above the 970.00 major Gann square. This is now our swing point. As long as they remain above it, look for 1020.00, this is 23.6% back to the all-time high and then 1045.00, this is 61.8% back to the 2016 high.
Now that they have hit both of these targets, 1045.00 becomes the long term swing point. On a break from this area the target is 945.00, this is 38.2% back to the 5/14/19 low. This level is our short term swing point that they must stay above to say the uptrend will continue. Any break from 1045.00 that only goes 23.6% back of the same move at 985.00 keeps the market very positive. With a couple solid closes above 1045.00 the long term target is 1165.00.
Corn is now well above the 200 day moving average and sitting right on our long term swing point of 360.00, this is a major Gann square and 38.2% back to the 2019 high. As long as it can stay above this level the next target is 61.8% back to the same high at 405.00, this is also a major Gann square. With a couple close's back below 360.00 look for the 320.00 major Gann square.
The Wheat remains the same, the swing point is the 530.00 major Gann square. Above it,look for the 585.00 major Gann square and below it they go for the 480.00 major Gann square. It will still take a couple close's above 590.00 to breakout of the long term trading range.