Weekly Grain update 11/27/22
We are still watching the 78.6% retracements that Cattle and Hogs hit above and we do expect more downside below this retracement.
The setback from 90.70 (78.6%) that was our swing point for the week, has so far hit the 88.58 major Gann square and we are still looking for this from last week,
Below it, since it is a 78.6% retracement and it is possible it can be the end of this run up, we will be looking for the area of 61.8% at 82.00 and the 81.37 major Gann square. Any break from 90.70 that holds the area of 38.2% at 85.85 and the 85.02 major Gann square would be a very strong sign and they should go on to new highs for this leg up.
Use 88.58 as the swing point for the week.
Above it, short term look for the next major Gann square at 92.50 and longer term 96.57.
Below it, short term look for the next major Gann square at 85.02 and long term 81.37.
The swing point for last week was the 156.40 major Gann square, it didn't get two consecutive higher closes above it confirm a violation of the level and is now headed lower. Since it already reacted to 38.2% at 153.32 on 11/14/22 and failed to make a new high above it, this is still valid from last week.
Below it, failing to make a new high and being at 78.6% (156.15) can send this market on a quick move lower, look for the area of the 151.63 major Gann square and 61.8% at 151.00.
On an extended break look for the area of 78.6% at 149.40 and the 148.50 major Gann square.
Use 156.40 as the swing point for the week again.
Above it, look for the 158.89 major Gann square.
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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