July Soybean completed the 78.6% target of 1599.00 after hitting 78.6% on top at 1703.00, this was over a $1.00 break within the long term uptrend. That break stayed well above our Intermediate swing point and the Long term swing point. Our long and Intermediate term targets remain the same and it is now above the short term swing point.
Soybean Oil is the strongest of the Soybean complex and has, so far, had a $4.00 rally, above the short term support at 78.80.
Soybean Meal closed just below their long term swing and we will watch the retracements on this rally to see just how strong, or weak the market is.
The new crop is in a stronger position in each of these markets based on the Fibonacci retracements, with the new highs in the Dec. Wheat and Corn all the levels below have moved up.
December Corn held 23.6% of the last leg up keeping this market extremely strong. The 40 cent rally took it to new highs and we continue to look for the next major Gann square. July Corn could only rally 25 cents from its tightest support and still not able to get above our long term target of 810.00.
December Wheat held 38.2% of the last leg up at 1051.00 and has rallied $1.50 so far. We continue to look for the long term target. July Wheat got out of the last month's trading range of the two major Gann squares of 1140.25 and 1044.00. The rally from 1044.00 has taken it $1.50 higher , so far.
This is the latest Video on using the Fibonacci retracements with the ONE44 rules and guidelines. This is one of the ways we view the market and want all our subscribers to understand why we think what we think. Video Link