Weekly Grain Update 9/7/23

ADM Update

A couple weeks ago we did a post on Archer-Daniels-Midland about the key level of 80.70 and its importance. You can find it HERE.

This is where we left it,

Where we are now,

The ONE44 61.8% rule gives us a target of 61.8% the other way at 76.60. Once again watching all the retracements, it is at 38.2% back to the 6/1/23 low at 80.70. Provided this level holds, the current trend remains positive and the target will be new highs for the move and then the area of the 90.89 major Gann square and 78.6% at 92.10. On a rally you still have to watch the 78.6% level back to the recent high at 85.95, as a failure to make a new high in this area can send the market sharply lower. A failure to turn up from 80.70 should complete the 61.8% to 61.8% target.

NOW,

It held the 38.2% (80.70) level for 7 trading days before taking it out on 8/31/23. By failing to hold 38.2% it brought back the longer term target of 76.60. As the first and last lines above say, The ONE44 61.8% rule gives us a target of 61.8% the other way at 76.60. A failure to turn up from 80.70 should complete the 61.8% to 61.8% target. It is now just short of the 61.8% level at 76.60. Holding this level can send it 61.8% the other way, yet to be determined based on the ONE44 61.8% rule. On a failure to turn higher from this area, look for 78.6% at 73.47, this is also a major Gann square.

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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