Wheat Update

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Wheat

The Wheat has now closed back below the 648.00 major Gann square. You can use this as the short term swing point. Below it look for 565.00 this is 38.2% of the move up from the 2016 low. This is also the level that must hold to keep our belief that this is going to be a multi year rally alive, as we have called for since last fall. Any break below 648.00 that does not close below 615.00 will keep the market extremely strong, this is 23.6% back to the 2016 low. With a solid close back above the 648.00 major Gann square look for the long term swing point at 730.00, this is 38.2% back to the ATH.

We highly recommend that you use the secondary Gann squares on the hourly chart below for short term support/resistance, swing points and targets. These yellow horizontal lines are based on W.D. Gann's " Law of Vibration"
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These are our latest videos on how to use the Fibonacci retracements. Even if you do not trade the market covered, the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.