Weekly Grain update 6/26/22
Now that the Grains have had extended moves down this week and into some key areas, we will watch the retracements above to see if those levels below hold and we go back to the highs, or a good attempt at it, or will it be shut down and there is more to come on the downside. We covered most of the Overview in the Special Update on Wednesday, so other than a few notes below we will go right into what to look for next week.
Swing Point and how to use it
When we use a level as a swing point aside from the Short, Intermediate and Long term swing points, it means the level we are using is not one of the three, but still a key level to watch. As we do with the other swing points, we will give you what to look for above it, provided it holds and below when it fails to hold this level. It is the same if the swing point is a retracement or a major Gann square. This is not a level to run any retracements from, unless it ends up being the high, or low for the move. All retracements come from the extreme high and low of a move, be it a 5 minute chart, or up to a weekly chart. It is always best to start at the farthest points (highs and lows) to get the true sense of the trend and work your way back down to the tightest highs and lows.
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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