Weekly Grain update 12/18/22
Overall a quiet week for Grains most of them hanging around their swing points for the week, with the exception of Soybean Oil, if you missed the Special post this week "Here is what turned Soybean Oil on a dime" you can read it HERE.
From last week,
Use the 85.02 major Gann square as the swing point for the week.
Below it, look for the area of 61.8% at 82.00 and the 81.37 major Gann square. On an extended break look for 78.6% at 79.70.
Tuesday traded above 85.02, but closed below it, Wednesday's high was 85.00 and Thursday's low split 61.8% at 62.00 and the 81.37 major Gann square. Friday rallied over $4.00.
Use 85.02 as the swing point for the week again.
Above it, we will be looking for the area of 61.8% at 87.95, because the low was 61.8% and this would complete the 61.8% to 61.8% target based on the ONE44 rules, using the major Gann squares we will be looking for the next major Gann square at 88.58.
Target area 87.95/88.58.
With a solid close above 55.58 look for the next major Gann square at 92.50.
Below 85.02 look for 78.6% at 79.70 since it has already rested from 61.8% at 82.00.
Cattle is caught between the major Gann squares of 156.40 and 153.32. With it being in the upper end of that range, we will use 156.40 as the swing point for the week.
Above it, look for the next major Gann square at 158.89.
Below it, look for the area of 78.6% of the last two weeks at 153.60 and the 153.32 major Gann square.
In the bigger picture, Cattle is in a very strong position, it continues to make higher highs and higher lows, the longer term target is 165.28, as long as it remains above the 153.32 major Gann square.
We hope that you have all viewed the latest ONE44 in 360 video, if not here is The Link
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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