A few things to keep in mind...
We have already gone over what caused the big rallies in all the markets, Soybeans 38.2%, Corn 61.8% , Wheat 78.6% and Soybean Meal and Oil 61.8%. These all gave us upside targets for both the short term and long term. The recent setback in all these markets from key Fibonacci levels, or major Gann squares that were the swing point for week, also gave us short and long term levels to watch for based on the ONE44 Fibonacci rules and guidelines and from them they had big moves right back down.
We really don't see these wide swings being over until the 78.6% levels below are taken out. The two retracements that can cause the wide swings are 61.8% and 78.6%, so as long as these levels remain intact, you can look for a rally right back to the recent highs and more of it through this summer.
This the ONE44 78.6% rule,
Any market that hits 78.6% should go 78.6% back the other way. This is also where a lot of Bull markets end and start.
When a market does react to 78.6% it usually creates wide swings that go through all the other retracements, this either happens in very large trading ranges or very small, it is also the level hit most often when the market is reacting from 23.6% and 38.2% and fails to make the new high/low. This is where a lot of Bull runs start and end.