11 min read

Weekly Grain Update 8/31/23

Weekly Grain Update 8/31/23
Photo by Max Böttinger / Unsplash

Another quick update on the  10 Year Note
From last week,

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

The failure to make a new low on 8/25/23 that came right at a 78.6% retracement and it has now turned the market up and we are looking for 23.6% at 111.00. As the video below explains, a 78.6% retracement can send it 78.6% of where it just came from in the short term and can also be where a lot of Bull moves start and end. We will know that the market is starting a new trend when it holds 38.2% of the current rally. The 23.6% (111.00) level can send it right back to the low if hit, above it, look for 38.2% of the same move at 112.09. Just remember this is all on the smallest time scale and that there are many more long term levels to watch as well.

How to use the 61.8% and 78.6% Fibonacci retracements VIDEO
Explaining 61.8% and 78.6% retracements in more detail We have done over two dozen videos on how to use the Fibonacci retracements based on the ONE44 rules and guidelines. In our latest video we take it back to the basic examples of how this is done for the

Soybeans, Soybean Meal and Oil all have hit 78.6% retracements that can cause wide swings and or the end of their current runs, more on this in our weekly update.

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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