Weekly Grain/Livestock Update 8/22/24

Overview

As we have mentioned before in Grains, they are all below their long term retracements on the continuation charts and what becomes the most important thing to watch when looking for a turn higher are the major Gann squares below. We will also watch the tightest retracements above to watch for the first sign of that turn.

November Soybeans could not get above the swing point for the week at 984.00, this was also a major Gann square. Short term we are looking for the next major Gann square below.

Another small range for the December Corn and all of it under the 405.75 major Gann square and swing point for the week.

December Wheat hit the short term target at the 530.25 major Gann square today.

Live and feeder Cattle remain under pressure and we think there can be more on the downside.

Live Hogs and a big rally today from their 75.35 swing point for the week and it looks like they may hit the 61.8% target above after holding 61.8% below on 7/9/24, ONE44 61.8% rule.

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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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