Weekly Grain update 10/2/22
Overview
Soybeans
From last week,
With it getting back below 61.8% (1472.00) and the 1464.00 major Gann square we end up with the same downside target of 1368.00 now. As for using the major Gann squares, we will be looking for the previous one at 1368.00 and with 1472.00 being 61.8% we will be looking for 61.8% the other way following the ONE44 61.8% rule and this is also 1368.00.
The break from the 1472.00 area has hit the 1368.00 target. A $1.00 break in 2 weeks!
Wheat
From last week,
The current rally continues to make higher highs and higher lows, always a good sign and on any setback from 900.50 we would want to see it hold 38.2% at 852.00. Provided it can, the short term trend remains positive and you can look for new highs for this leg up.
Monday's low was 854.25, the rally from there took it to new highs for the move and another 90 cent rally from a 38.2% level. The second one in 2 weeks!
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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