Soybeans and Corn Special update 6/20/23
July Soybeans have rallied $1.90 so far after holding 38.2% on the continuation chart at 1296.00, but are still short of our long term target of 1501.00 set on 6/1/23.
From the 6/1/23 update,
Use 1296.00 as the swing point again for this week.
This level is 38.2% of the contract high and low and keeps the long term trend positive for the July contract. The spike below it and closing above it on the same day is always a strong sign. Being a 38.2% retracement the long term target is a new high for the year, with the amount of time left in this contract it looks to be unlikely to do it, but one never knows. We will be looking for a good run at the highs and the 78.6% retracement at 1501.00.
December Corn went from 61.8% at 490.00 to 61.8% at 606.00 to complete the ONE44 61.8% target.
From the 5/21/23 update,
Use 490.00 (61.8%) as the swing point for the week.
Above it, look for 23.6% back to the contract high on 4/27/22 (679.25) at 535.00. Any rally that fails to get above the 518.75 major Gann square is a negative sign and new lows can follow. Longer term, "as long as" 490.00 holds the target will be 61.8% the other way at 606.00, per the ONE44 61.8% rule.
