Soybeans to TSLA It's All The Same With Fibonacci

Soybeans & TESLA

There is no difference in the approach to any market when using the Fibonacci retracements with the ONE44 rules and guidelines.

In Soybeans the top on 8/28/23 had one close above 78.6% at 1401.00, it needs two higher highs in a row above to violate the level. In this case it was right back below it the next day. Following the ONE44 78.6% rule, the short term target is 78.6% of where it just came from. This level is 1307.50 when using the 8/8/23 low and 8/28/23 high, it is also a major Gann square. It can also be the end of the Bull move for the time being, if that level fails to turn the market back up.

TSLA

Tesla is now approaching a 78.6% Fibonacci retracement at 285.00. The recent high on 7/20/23 hit 61.8% back to the ATH and a major Gann square at 299.00. The setback from it traded below 38.2% and quickly got right back above it. The rally from it has us where we are now. A failure to make a new high on this rally that comes in the area of the 78.6% level can have a big effect on this market. First target is 78.6% back to the 8/18/23 low at 228.00. If that level fails to turn the market back up the next target area is the 180.31 major Gann square and 61.8% at 177.00. On the upside, a failure to turn lower from 78.6% (285.00) and taking out the 7/19/23 high will give us a target of 78.6% back to the ATH at 347.50.  You can see on the chart all of the previous highs and lows that have come at Fibonacci retracements and major Gann squares.

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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.

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