Soybeans

(ZSQ24) 
August Daily Continuation Chart

There are a few basic rules when using the Fibonacci retracements with the ONE44 rules and guidelines.

This is the short version.

A 38.2% level keeps the trend intact and new highs/lows should follow.

A 23.6% level shows the market is extremely strong, or weak.

A 61.8% level can cause wide swings and keep the market in a trading range.

A 78.6% level can send it 78.6% of where it just came from and even be the end or start of a Bull market.

We have done 40 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines.

This is our latest!

Going back to last July the rally was stopped by a 61.8% retracement, the target was for it to go 61.8% of where it just came from and that happened on 8/14/23. 

The next rally attempt could only get to 38.2% back to the July high and following the ONE44 38.2% rule we knew to look for new lows to keep the current down move intact.

The break from 38.2% at 1389.00 took it down to 61.8% on the continuation chart at 1157.00 in February of this year. The long term target after holding 61.8% was to look for 61.8% the other way, however we always watch every retracement on all moves to see just how strong, or weak the market is. The rally from there was stopped by not only 38.2% back to the 11/15/23 high, but 23.6% back to the 7/27/23 high at 1142.00, this was a major Gann square too. The first setback from it went back to hold the 61.8% level again. The rally from there was stopped again by the combination of retracement and major Gann square at 1142.00.

The break from there has taken it to new lows and we are now looking for 78.6% based on the continuation chart and this is how we get the 999.00 target. You find the swing point for the week and what to look for above it in the update below.

This is the update for our Premium Members for the coming week.

7/11/24

August
From last week,

The break from 1157.00 hit the 1131.25 major Gann square and is now back above the 1157.00 swing point for the week, this is a 61.8% level on the continuation chart, staying above this can be the start of a good rally.
 

Use 1157.00 as the swing point for the week again

It failed to stay above 1157.00 and closed below the 1131.25 major Gann square, giving us a much lower long term target.

Use 1131.25 as the swing point for the week.

Above it, look for the long term swing point at 1220.00, this is 38.2% back to the 11/15/24 high. Any rally that can't get back above the long term 61.8% level at 1157.00 is a very negative sign and new lows can quickly follow.

Below it, the long term target is 78.6% on the continuation chart at 999.00. The short term target is the 1077.75 major Gann square.

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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