Weekly Grain/Livestock update 9/28/23

Hogs have been trading in a classic 61.8% trading range.

Lean Hogs

December

This is the first part of ONE44 61.8% rule,

Whenever the market holds 61.8% of a move, look for it to go 61.8% of where it just came from. This usually happens when a market is directionless, or in a consolidation period.

There is more about the 61.8% retracement in this video.

From last week,

December has been caught between 61.8% retracements. The June high was just short of it at 78.55 (61.8%) and the 72.28 major Gann square, the setback from there held 61.8% back to the 5/26/23 low at 71.40 in August. The rally from it just hit 61.8% back to the contract high at 78.55.

Below it, look for it to complete the 61.8% to 61.8% move at 71.65......

It completed the 61.8% target at 71.65 (low for the week,71.62) The next part is why we put at the top of each Weekly update that,

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.

As you can see on the chart below, the rally from 71.65 has already hit what would be the target when using the ONE44 61.8% rule at 76.00 (61.8%) today.  

Use 76.00 as the swing point for the week.

Above it, the short term target is the area of the 72.28 major Gann square and 61.8% at 78.55. Once it can get out of the 61.8% trading range, look for 81.06, this is a major Gann square and 78.6% back to the contract high.

Below it, Short term target is 61.8% at 71.65 again and on an extended move lower look for 78.6% at 69.62, this is also a major Gann square.

We have now added analysis for Feeder Cattle.

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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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