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.

You can get all the rules and guidelines to the Fibonacci retracements on our website, along with our latest video on this subject.

Soybeans

The setback from the 5/12/21 high that hit the 1671.00 Major Gann square could only go back one full Gann square at 1512.00. They did have one close below it before going to the next major Gann square at 1587.50. The break from the high, also stayed well above 23.6% back to the 2018 low, keeping the trend extremely positive, this level was 1466.00. This should propel them to new highs for the move and then the long term target of 1970.00. There is one retracement on this rally that you still have to watch for before new highs and this is 78.6% at 1636.00. This is a retracement that ends a lot of bull runs, as well as starting bull runs when it happens at the lows. With a failure to make a new high up in this area, it should send them down to 23.6% at 1466.00 to start. The long term swing point is 1336.00. Once they get to new highs, watch all the other major Gann squares for resistance before the long term target. These are 1746.75, 1830.25 and 1915.50.

For shorter term support and resistance you can use the other chart below marked as the "Law of Vibration" in Soybeans and Corn

Corn

Corn is not in as strong a position as the Soybeans are, they traded well below 23.6% back to the 2020 low, this is 636.00. They had a couple closes below it, before getting back above and now have the same retracement to watch out for above. This is 78.6% at 709.50, this is also a major Gann square. Like the Soybeans a failure from this area could send them down to the long term swing point of 573.00, this is 38.2% back to the 2020 low. Once they can clear this area (709.50) look for the long term target of 837.00. Also watch the two other major Gann squares before then at 749.25 and 793.50 for resistance.

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