Grains

Soybeans and Corn had already hit key Fibonacci retracements at the end of February and the Wheat just hit the 78.6% Fibonacci retracement on 4/18/24 and following the ONE44 78.6% rule, we know this is where a lot of Bull markets start. These levels can be the base for a big year in Grains.

Wheat 

(ZWK24) 
May

The low for this year came on 3/11/24 and the rally from there took it to 38.2% back to the 12/6/23 high at 575.00. The setback from 575.00 failed to make a new low right at the 78.6% level. Following the ONE44 78.6% rule we know,

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.

It already hit the first target at 78.6% the other way at 574.00 and it now looks to be the bottom of the next Bull market, if so it should hold a 38.2% retracement on any setback, right now this is 580.00. Above it, look for 650.00, this is 23.6% back to the contract high.

You can read more about this in a post we did last week.

Soybeans
(ZSN24) 

July

The low on 2/29/24 hit 61.8% based on the July continuation chart. We use this chart because the current July contract wasn't in existence when the 2019 low and the 2022 high was more actively traded in the July 2022 contract and that is where the retracement comes from. The rally from the 2/29/24 low hit the 1231.25 major Gann square, but fell short of 38.2% back to the 11/15/23 high at 1250.00 keeping the current leg down negative. We do still think the current low at a 61.8% retracement can send this market 61.8% back up at 1319.25, based on the ONE44 61.8% rule, this level is also a major Gann square.

Corn

(ZCK24) 
May

The low on 2/26/24 hit 78.6% based on the continuation chart using the 2020 low and 2022 high. We feel this can be the base of the next Bull move. The first rally from there took it to the 442.75 major Gann square, it has been trading at this level for over a month. Use 442.75 as the swing point for the week. Above, look for 475.00, this 23.6% back to the contract high. Below, look for 78.6% back to the 2/26/24 low at 417.00.

You can find out more about the 61.8% and 78.6% retracements with the ONE44 rules and guidelines HERE.

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.

You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.

Sign up for our Free newsletter here.
 

FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results.