Weekly Grain update 8/7/22
In the past two weeks we have seen a $1.80 rally in six days that was set up by the long term swing point and making a slightly lower low after hitting 38.2% above causing a slingshot move higher.
This was from two weeks ago,
When the market holds 38.2% and the reaction does not make a new high/low, or a slightly higher high/lower low, this is a sign the trend is changing and because they have already reacted from 38.2% you should look for 61.8% of that same move as well.
The rally after making the slightly lower low took it right to 61.8% at 1472.00 and that brought to the ONE44 61.8% rule,
Whenever the market holds 61.8% of a move, look for it to go 61.8% of where it just came from. This usually happens when a market is directionless, or in a consolidation period.
The $1.00 break from 1472.00 sent it to 61.8% the other way at 1366.00, with this also being 61.8% we are looking for 61.8% the other way, so far it has had a 60 cent rally.
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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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