ONE44 Analytics where the analysis is concise and to the point

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, that we believe are the underlying structure of all markets and Gann squares.

For the ONE44 Fibonacci rules and guidelines to help with this article, go here.

Charts are courtesy of Barchart.com

We have a new video explaining how to use the Fibonacci retracements based on the ONE44 rules and guidelines. Even if you do not trade the markets in it, the rules are the same for ALL markets.

https://youtu.be/HEyLVbjvHDg

Grains

Soybeans and Corn remain below key levels and Wheat continues the grind higher.

Soybeans

They are above the long term swing point of 1228.00, this is 38.2% of the contract high and low and as long as it remains above there, new highs are possible. In the short term however, it is still negative until it can get above 38.2% of the break from the contract high, this is 1295.00. It has been as high as 1289.25 on the current rally and the setback from there has held 38.2% (1247.00) of the move up from 1181.25. Provided they continue to hold this level, look for 1295.00 and with a solid close above that, look for 61.8% at 1864.00. Below 1247.00 look for 78.6% of the recent rally at 1204.00, below here, look for 61.8% of the contract high and low at 1078.00.

Corn

Corn is well above the long term swing point of 522.00, this is 38.2% of the contract high and low. The rally from this area has taken it up to 61.8% of the contract high, this is 590.00. The first time it setback from there it went right to 38.2% of the move up at 561.00, keeping the short term trend positive as well. They have now hit 591.00 again and we know following the ONE44 61.8% rule that, the target on a break from  61.8% is 61.8% the other way and this is 542.00. You will still have to watch 38.2% (563.00) on any break and if they hold it again, look for new highs and then 78.6% at 613.00.

Wheat

Wheat is far above its long term swing point of 715.00 and currently trading above 78.6% back to the 2011 high, this is 821.00. Use this as the short term swing point. Above it, look for the long term target of 960.00. Below it, look for the combination of 23.6% to the contract low and 38.2% of the 7/9/21 low, this is 781.00.

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FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results.