Quick update for Soybeans and Meal 9/18/23
Soybean Meal
December
Meal has now completed the 6th 78.6% retracement in 3 months at 388.50.This part of the ONE44 78.6% rule says it all,
When a market does react to 78.6% it usually creates wide swings that go through all the other retracements, this either happens in very large trading ranges or very small....
This Video has more about 61.8% and 78.6% retracements.
It can always trade through a retracement, but the close is key to it holding, also It takes two lower closes in a row to violate a level. The reverse at tops.
