Grains, 2 Of 3 Have A Base for A Spring Rally

Grains

(ZSN24) (ZCK24) (ZWK24) 

Soybeans and Corn have hit long term Fibonacci retracements at their current lows. Each of the retracements will give a different long term target based on the ONE44 Fibonacci rules and guidelines. We are looking for a spring rally that could turn into much more depending on the levels that they hold on the rally. Wheat still has a ways to go to get to a long term retracement that we think can turn this market back up.

Soybeans

July

The low on 2/29/24 held 61.8% of the contract high and low and the 1151.25 major Gann square, as of right now it has had a 80 cent rally that stopped at the 1231.25 major Gann square. As far as what to look for in the long term after holding a 61.8% retracement the target is 61.8% the other way per the ONE44 61.8% rule, this is 1319.25 and it is also a major Gann square for added resistance. There are plenty of other levels to watch before then to look for resistance and support.you can get those by becoming a Premium Member.

Corn

May

The low on 2/26/24 hit 78.6% on the May continuation chart, this is a retracement that can cause wide swings and even be the beginning, or end to a Bull market. The 30 cent rally hit the 442.75 major Gann square this week. Our short term target on a rally from 411.00 is 475.00.

Wheat

May

The last two sizable rallies were both stopped by a 38.2% retracement. Twice up at 798.25 on 6/26/23 and 7/25/23 and then again on 12/6/23 at 662.00. The 38.2% retracement is the one that keeps the current trend intact and you can look for new lows/highs to follow from it. The last retracement on the May continuation chart is a 78.6% level at 485.50, there is also a major Gann square at 479.25, so this is our target zone.

We have done over 35 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. This is our latest.

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Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member.

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