Soybeans
March
When you go out to the weekly chart 61.8% of the 2019 low and 2022 high is 1165.00. On the March chart it is 1183.00 and they hit that in June of last year and then double topped 7/24/23 giving us the same level at 61.8%.
Provided it can turn up from this area we think this can be the bottom that leads to a spring rally and more. What we would want to see is a trade down to, or below 1165.00 and then a close in a day, or two above the 1185.00 major Gann square. If it happened in one day, even better.
Use 1165.00 as the swing point for now.
Above it, with this level being 61.8% the target is 61.8% at 1330.00 based on the ONE44 61.8% rule. It is much higher then that on the weekly continuation chart, but before we talk about that they first have to get the turn higher and start to hold 23.6%, or 38.2% retracements on setbacks to show the trend is changing. The short term target is the 1225.00 major Gann square.
Below it, On a failure to turn higher from this area, we will go back to looking for the long term target at 1030.00 based on the March continuation chart (different than the Nearby chart). Before the next major Gann square to look for support and then swing points if taken 1150.00.
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