Wheat

(ZWN24) 
July

The low on 3/8/24 held the 540.00 major Gann square, the rally from it hit the 585.00 major Gann square and  38.2% back to the 12/6/23 high at 586.50 keeping the trend negative. The failure on the next setback to make a new low and hit 78.6% at 549.00 on 4/18/24 was the first sign that a bottom was in.

ONE44 78.6% rule, short version.

Any market that hits 78.6% should go 78.6% back the other way. This is also where a lot of Bull markets end and start.

After holding 78.6% an 80 cent rally followed. It fell short of 38.2% back to the 7/25/23 high at 637.00. The second key level was on the setback it held 38.2% back to the 3/8/24 low at 597.00. Following the ONE44 38.2% rule,

The 38.2% level is the single most important retracement and is the level we use for the "Golden Rule". This rule being, " any market that is going to keep its current trend must hold 38.2%". As long as it does the trend will continue and it should make new highs/lows from that retracement.

NOW,

Use 597.00 as the swing point for now.

Above it, look for the long term swing point at 725.00 (38.2%). 

Below it, look for 558.00 (78.6%)

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

This is our latest Video.

ONE44 Analytics where the analysis is concise and to the point

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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