11 min read

Weekly Grain update 10/23/22

Weekly Grain update 10/23/22
Photo by Robert Wiedemann / Unsplash



From 10/19/22

In the Hogs we have hit 78.6% (87.60 -.10) and using the ONE44 78.6% rule, the long term target on a break from here will be 78.6% the other way at 76.32. The short term target is 38.2% at 82.10. It can still trade above 87.60, however we would want to see a close back below it for the break to happen. Any setback from this area that holds 23.6% at 84.15 keeps the trend very positive and you can look for new highs for this leg and then the 91.52 major Gann square, this will also be the target on a failure to turn lower from 87.60.

The huge rally from the 74.75 long term swing point has now blown through every retracement with.the latest begin 78.6% at 87.60. It closed at 89.12 after trading above the 89.25 major Gann square.

Use 89.25 as the swing point for the week.

Above it, look for the next major Gann square at 91.52. Provided it can close above this level, it will then become the swing point and you can look for 93.55.

Below it and a close back below 78.6% at 87.60 should send it to 38.2% at 83.45 to start. Longer term a close back below 87.60 can send it all the way down to 78.6% at 76.75, also a major Gann square.


From 10/19/22

The coming top in Hogs and Cattle, part 2 is more about the Hogs, unless Cattle was to hit the 151.75 major Gann square (or trade above it) and then close below 78.6% at 150.85. Provided this did happen, we would look for a quick move back to the 147.15 major Gann square. It has already reacted from the 151.75 major Gann square 3 times before, so if they get a solid close above it, we will look for the next major Gann square at 156.98.

After hitting the 151.75 major Gann square it failed to get a close below 78.6% at 150.85 and today's close was solidly above it and at a new contract high.

Use the 151.75 major Gann square as the swing point for the week.

Above it, look for the next major Gann square at 156.98.
Now that it has put in a new contract high with the close above the 151.75 major Gann square, this level becomes even more important. Below it, look for a setback to 38.2% of the current run up at 148.50, this is the level that it needs to hold to keep the short term trend positive.

If you like this kind of analysis and trade the Grains, take a look at our Grains Weekly 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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