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The beans have hit our long term target of 1410.00, this is 61.8% back to the all-time high, however they still have not been able to get a solid close above the 1436.00 major Gann square. This will be needed to give us the next upside target of 1588.00, this is 78.6% back to the ATH and a major Gann square. There is one other major Gann square before this to look for resistance at 1512.00. As important as 1410.00 is being 61.8% back to the ATH a setback based on the "61.8% rule" could send them to 61.8% of the move up (1030.00). We currently do not feel this is going to happen and still believe this is going to be a multi year rally, so a likely target on a break from this area is 38.2% of the move at 1190.00, this is the long term swing point. Any break from this area that can only get back to 23.6% of the move at 1285.00 keeps the trend extremely positive.
You can use the secondary Gann squares on the chart below for short term support/resistance as well as swing points and targets. These levels are based on W.D.Gann's 'Law of Vibration"
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This is our latest video on how to use the Fibonacci retracements. Even if you do not trade the market covered, the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.