This is our latest video on Fibonacci retracements with the ONE44 rules and guidelines.
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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All of the levels in the post from yesterday remain the same.
November Soybeans have already had a $1.20 and 70 cent break from the 78.6% retracement at 1381.00. It also made higher highs and higher lows on this run up from the 5/31/23 low which is a strong sign, however they are up into the zone that you have to pay close attention to.
This week's rally is now at 78.6% of the 1412.00 high and 1336.25 low at 1396.00. Use this as the swing point for the week. "provided it turns down from here".
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.
To be clear, A failure to turn lower from this area and a close above the 1428.50 major Gann square can send this market to the new long term target of 1587.00 in a hurry.
Provided there is a turn lower from here,