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Soybean Analysis & Grains OverviewOverviewFrom the 10/3/24 Update,
10/17/24 What we are seeing right now in the Grains illustrates the importance of understanding the Fibonacci retracements with the ONE44 rules and guidelines. By knowing the potential from a certain retracement it will give you guidance as to what is possible and what changes that. We have said before that a retracement from a bigger range ($1.00 to $2.00) should have precedence over a smaller range (30 to 50 cents), however this is also why we say, "we watch every retracement on all moves to see just how weak, or strong the market is regardless of the longer term target."
………… 10/17/24 SoybeansNovember
It never got above the 1032.75 major Gann square and the break from the longer term 23.6% level (1055.00) has now taken it to and currently through the 981.00 (78.6%) to 978.00 short term target area and below the 984.00 major Gann square. It can have one close below 78.6%, but the next day should be back above it. Use 981.00 as the swing point for the week. Above it, getting right back above 981.00 (78.6%) will give us a short term target of 78.6% the other way at 1048.00 based on the ONE44 78.6% rule. The long term target is …. Below it, there are only major Gann squares to watch for support and then use as the swing point when closed below, the next few are 936.00….. ………………. 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.
On the date of publication, Nick Ehrenberg did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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