Weekly Grain update 4/30/23

OVERVIEW

This will be the last update for May Soybeans, Corn and Wheat. We will be adding November Soybeans and December Corn and Wheat.

Soybeans

May

From last week,

Use 1480.00 as the swing point for the week again.

Below it, with 1519.00 being 78.6% failing to hold 1480.00 can send it 78.6% the other way and this is 1432.00 (mentioned last week), this would complete a 78.6% to 78.6% move based on the ONE44 78.6% rule. You will also have to watch the 1457.75 major Gann square and 61.8% of the 3/24/23 low and 4/18/23 high at 1454.00, a trade down to1454.00 that closes back above 1457.75 can send it 61.8% the other way in a hurry, yet to be determined.

Monday was the high for the week and it closed below the 1480.00 (38.2%) swing point. There was no turn higher from the 1457.75 major Gann square and 61.8% at 1454.00. It did complete the 78.6% to 78.6% target at 1432.00 per the ONE44 78.6% rule. It had one close below it (always needs two to violate the level) and Friday closed back above it.

Use 1432.00 as the swing point for the week.

Above it, following the 78.6% rule we will be looking for 78.6% the other way at 1508.25, this is also a major Gann square. Any rally that fails to get above 38.2% at 1463.00 is a negative sign and new lows can follow.

Below it, look for the area of the 1357.00 major Gann square and 78.6% of the 7/22/22 low and 2/22/23 high at 1352.00.

Corn
May

From last week,

Use 654.00 as the swing point for the week.

Below it, look for the area of the 625.50 major Gann square and 78.6% of the 3/10/23 low and this week's high at 624.00.

Monday was the high for the week and it closed below the 654.00 swing point. On Thursday it hit the target area of 625.50 and 624.00.

Use 624.00 as the swing point for the week.

Above it, with this level being 78.6% we will be looking for 78.6% the other way at 669.00. Any rally that can't get above 38.2% at 646.00 is a negative sign and new lows can follow.

Below it, look for the next major Gann square at 588.25.

Wheat
May
From last week,

Use the 672.75 major Gann square as the swing point for the week.

Below it, the target area is the 613.00 major Gann square and 78.6% of the contract high and low at 604.00.

High for the week was 669.50  and Friday's low was 610.25, splitting the 613.00 major Gann square and 78.6% of the contract high and low at 604.00.

Use 604.00 as the swing point for the week.

Above it, look for the area of 23.6% back to the 10/10/22 high and the 704.50 major Gann square. A failure to get above the 640.25 major Gann square keeps the trend very negative.

Below it, look for the 559.50 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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