Corn

(ZCZ24) (ZCH25) 
March
The chart is key to this analysis.

All of the rally attempts since August 2023 have hit key Fibonacci retracements. Each of these retracements tell a different story about the market, 61.8% and 78.6% retracements can cause wide swings, when 61.8% holds it is usually in a directionless market and 78.6% can be the start, or the end of a lot of Bull moves. 

When a market has a trend it will hold 38.2% and go on to a new high/Low. When the market is extremely Negative/Positive it will only go back 23.6% and quickly move on to a new high/low.

What March Corn did on 10/17/24 is it failed to make a new low near a 78.6% retracement, this was 414.00. Following the ONE44 78.6% rule, the short term target is 78.6% of where it just came from and this is 444.00. The long term view is it can be the base of the next Bull run.

(ZMZ24) 

Soybean Meal held the same retracement, here is the update.

This was our update on 10/17/24.

March
From last week,

It failed to stay above the combination of retracements at 443.00 and we will now watch 38.2% at 433.50 to see if the short term trend can stay positive.

Use 433.50 as the swing point for the week.
 

Below it, The short term target is 78.65 back to the 8/26/24 low at 414.00. A failure to turn higher from

The current break after getting back below the long term combination retracements at 443.00 took out 38.2% at 433.50, this turned the short term trend negative. Today's low hit the short term target of 78.6% at 414.00. Provided this level holds and the 8/26/24 low holds, this can be the start of the next Bull move based on the ONE44 78.6% rule.

Use 414.00 as the swing point for the week.

Above it, the short term target is 78.6% the other way at 444.00, this woul;d also bring it back into the long term combination retracement at 433.00. The long term target area is 38.2% back to the contract high at 469.00, (this is the long term swing point) and the 475.00 major Gann square. Any rally that can't get above 38.2% at 428.00 is a negative sign and new lows can quickly follow.

Below it, A failure to turn higher from 414.00 will give us only major Gann squares to watch for support and then use as the swing point when closed below, the next two are 399.50 and 378.25.

We have done 43 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.

This is the 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.

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