The break in Soybeans from 78.6% at 1723.00 completed the 78.6% target at 1612.00. It remains to be seen if that 78.6% on top ends the rally for now. The break from the 490.00 long term target in Soybean Meal is coming into the first key support area. Soybean Oil failed to stay above the 72.28 major Gann square and is also coming into key support. Corn had one close below the 734.00 major Gann square and the rally back above it took it right to 78.6% at 770.00, which was also a Gann square on the hourly chart. Wheat is now below the long term swing point in the May contract, but still well above it in the December contract. We hope everyone viewed the new Video we put out this week. Look for the next one in a couple weeks, as they are educational and actionable. There will be a link at the bottom for anyone that missed it. (Premium Members)
The Hourly Gann Law of Vibration charts are very helpful for those that want to day trade these markets. They give support and resistance as well as targets for the next level when one is taken out. For those trading longer term, the Major Gann squares on the Daily charts will have the same effect, but on a larger scale.
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