Corn

The chart is key to this analysis.

(ZCH25) 

ONE44 Analytics has two key ways of finding support and resistance in the market, they are Fibonacci retracements and Major Gann squares. On the chart below you can see where the markets have turned at these levels and with the ONE44 rules and guidelines you will know what is possible when they turn at these points.

In a recap from previous updates, Corn hit a combination of Fibonacci retracements at 443.00 on 10/1/24, and the target would have a new low based on the ONE44 38.2% rule, however we watch all the retracements on every to see just how weak, or strong the market is regardless of the longer term targets. The market failed to make a new low on 10/17/24 at a 78.6% retracement. Following the ONE44 78.6% rule we know this is where a lot of Bull markets start and end. 

This week's low held a 38.2% retracement at 437.00 and this can send it to a new high for the move, below is the update for this week.

12/18/24

March
From last week,

The high after getting above the 440.50 major Gann square got to 451.25, but didn't take out the 10/2/24 high. It did have a few closes above the long term retracements at 443.00 and this will be the key level for next week. Provided it did take out the 10/2/24 high we would then retrace back to the 8/26/24 low, but until it does we have to retrace back to the 10/17/24 low to look for support.
 

Use 443.00 as the swing point for the week.
 

Below it, look for 78.6% back to the 10/17/24 low at 422.00. Any setback that holds 38.2% of the same move at 437.00 would be a strong sign and a new high can quickly follow.

It had only one solid close above 443.00 and the setback from there held the tight support of 437.00, this is 38.2% and a positive sign, so it will be the key level for the next week.

Use 437.00 as the swing point for the week.

Above it, 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…

Below it, look for 78.6% back to the 10/17/24 low at 422.00. 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.

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.

Here 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.

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.

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