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 and Gann squares.

Soybeans

The break from the 1671.50 major Gann square has now taken it to the 1512.00 major Gann square and that puts it back below the long term target of 1588.00. This level was 78.6% back to the ATH and a major Gann square, a break from here can send the market down hard, however we always watch all the retracements on any move.

Using the ONE44 Fibonacci rules and guidelines we know that any market that is extremely strong will only retrace 23.6% and this is 1468.00 and to keep the long term trend intact it must hold 38.2%, this is 1337.00.

Hitting 1468.00 (23.6%) would also put it back on top of the previous top, if this is all they can break, look for a quick move back to the highs and then for our long term target of 1970.00. On a bigger setback, look for 1337.00 (38.2%), taking this level out should mean the top is in for a while and we will then look for 61.8%.

Always watch the major Gann squares marked on the chart with yellow horizontal lines for support and resistance. You can see for yourself just how well these levels work, either hitting them exactly and then going to the next square, or trading above/below then closing back through it and going to the next square.

Corn

Corn continues to hold the short term swing point area of 641.00 to 633.00. In this area is 38.2% back to the 1/25/21 low, 23.6% back to the 2020 low and a major Gann square. A rally from here should take it up to new highs and then the long term target of 840.00.

Any rally that fails to make a new high, especially if it comes from the 709.00 level (this is a major Gann square and 78.6%) should send it down to the long term swing point of 574.00. This is 38.2% back to the 2020 low and also in the area is 61.8% (582.00) back to the 1/25/21 low.


You can get all the rules and guidelines to the Fibonacci retracements on our website.

Sign up for our Free newsletter here.