Weekly Grain update 1/29/23
From last week,
Below it, look for the area of the 1457.00 major Gann square and 38.2% at 1453.00. Getting down to this area would keep the short term trend positive, but end the higher lows, so a dip below 1499.75 that hit 23.6% at 1491.00 would keep the trend extremely positive and a quick rally should follow.
All it could do was 23.6% on a closing basis and we will now watch 78.6% above.
From last week,
The key thing to watch for that will give an indication that it is ready to break out of this range is when it holds 38.2% inside the range, this is 668.25, if this is all it can setback, look for a breakout to the upside and...
Corn was only able to setback to 38.2%.
To know what to look for from these areas you can become a Premium Member.
You can also view the two latest video on the 38.2% and 23.6% retracement and the 61.8% and 78.6% retracements.
The setback in Cattle after failing to make a new high on 1/10/23 held above 38.2% at 158.30 and this week's swing point of 160.10 keeping the up trend very strong.
Use the 160.10 major Gann square as the swing point for the week again.
Above it, since it already reacted to the 162.97 major Gann square with 12/29/23 high we will be looking for the next major Gann square at 165.50. One thing to watch for is, it makes a new high for the year and above the 162.97 major Gann square and then closes back below it, this can cause a sharp setback, if so look for 38.2% back to the 5/31/22 low.
Below it, it has already rallied from 38.2% at 158.30, so look for 23.6% of the contract high and low at 155.85. On an extended break, look for 38.2% of the same move at 151.68, this is also a major Gann square.
Hogs will be covered in the Members area with the rest of the Grain update.
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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