Weekly Grain Update 8/24/23
A quick update to the past update on our latest video on using the Fibonacci retracements with the ONE44 rules and guidelines.
The Ten Year Note continues to make new lows after hitting short term retracements above keeping the trend very negative. The latest rally could only get to 23.6% back to the 7/18/23 high and 38.2% back to the 8/10.23 high between 109.30 and 110.01. Look for new lows from here and then the 108.20 major Gann square. Failing to make a new low should send it to 23.6% back to the 5/4/23 high at 111.00
ADM is holding 38.2% of the last leg up at 80.70, it did trade below it, but it closed back above it keeping it positive for now.
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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