Weekly Grain/Livestock Update 8/1/24

Overview

Soybeans are the only Grain with a key long term retracement below to watch for a bigger rally to start from.

********In Corn and Wheat we will have to see what level is holding and work from there for the next rally opportunity, so watch all the retracements above to see if they are gaining any strength, or keeping the current trends very negative. Use each of the major Gann squares below for support and then as the swing point for the week when closed below. ********

October Cattle traded up to 78.6% at 189.00 and closed below the 187.62 major Gann square and this can cause a sharp setback. ($5.00 so far)

The setback from the 78.60 major Gann square in the October Hogs could only get 38.2% back of the current rally, always a strong sign. We will watch for the 61.8% to 61.8% retracement above to be completed.

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Being this is a weekly update we give all the key levels to watch for the week using Fibonacci retracements and Major Gann squares. We set up scenarios to look for when a level holds, or fails based on these methods, so it is very important to know for yourself how to use them following the ONE44 rules and guidelines. The best way to get a better understanding of these methods is to read all the posts (even if not on Grains) and watch our YouTube videos, as we explain why we think what we think based on the rules and guidelines. It is also important to view all the charts, as they have the key levels marked on them, if there are extended moves.

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