Weekly Grain update 11/6/22
From last week,
Use the 86.77 major Gann square as the swing point to start the week.
After failing to make a new high on this leg up we think a break from here can take it into the area of 79.45, this is 61.8% of the run up and the 78.82 major Gann square. Any setback that held 38.2% at 83.37 can send it right back to the highs for the move.
Monday's high to start the week was 86.82, the break from it took it to 38.2% at 83.37 and through it and ended up on the 82.50 major Gann square. Use 83.37 as the swing point to start the week.Below it, we are still looking for the area of 61.8% at 79.45 and the 78.82 major Gann square. Above it, look for a run back at the highs and 78.6% at 88.33, any rally that can't get above 38.2% at 85.50 is a very negative sign.
As you can see on the chart the major Gann squares are very good for short and long term support and resistance, so keep an eye on them in between the longer term levels.
It spent the week trading at the 151.75 major Gann square. Just below it is 23.6% back to the 5/31/22 low at 151.45.
Use 151.45 as the swing point for the week.
Holding 151.45 keeps the current trend extremely positive and the next target is the 156.98 major Gann square. Below it, look for 38.2% at 149.70, this is the level it needs to hold to keep the current leg up positive. Holding it should send it to new highs for the move. Below it, look for the 147.13 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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