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Corn Is Into Key ResistanceCorn The chart is key to this analysis. This week's ONE44 Corn update is below the first part of this post. March Corn hit key resistance on Friday at 469.00, this has been our target for a few months now, but first we will go over how we got here. Back on 12/17/24 we said this in our weekly update,
The rally from 417.00 completed the first part of the ONE44 78.6% rule and that was to go 78.6% of the move it just came from at 444.00. The setback from there held 61.8% on 11/26/24 at 427.00. The next setback held 38.2% on 12/19/24 at 437.00 and by doing this it established that it now had a solid trend. ONE44 38.2% rule,
It has now hit the key long term target area of 38.2% back to the contract high at 469.00 and the 475.00 major Gann square. A setback from this area can send it right back down to test the low again and above it the long term trend turns positive and we look for 61.8% of the same move. We have done 44 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. These Videos are worth watching even if it is not in the market you are trading, as the ONE44 rules and guidelines are the same for every market. You will also see why we believe the Fibonacci retracements are the underlying structure of ALL markets. 1/9/25 Corn Update March From last week,
The attempt to setback this week could not even get back to 23.6% and swing point for the week at 446.50 keeping the trend extremely positive. As mentioned last week they are approaching a major retracement above at 469.00. With the tight range this week all the levels Above/Below remain the same. Use 446.50 as the swing point for the week. Above it, is extremely positive and the short term target is 469.00, this is 38.2% back to the contract high and the long term swing point. The long term target area is 61.8% back to the same high at 508.00 and the 512.25 major Gann square. Below it, it will still need to take out the area of the 440.40 major Gann square and 38.2% at 439.00 to turn the current trend negative. On an extended move lower from here, look for 78.6% of the same range at 415.00. A failure to turn higher from this area will give us only major Gann squares to look for support and then use as the swing point when closed below, the next one is 399.50. 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.
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