Wheat Targets With Fibonacci/Gann Analysis

Wheat

(ZWU24) (WEAT) 

The chart below is key to this analysis.

There are two methods we use at ONE44 to find support and resistance in the markets.

The first are major Gann squares, these are the yellow horizontal lines on the chart, on it you can see where the market turned multiple times at these levels.

The second is Fibonacci retracements and this is what most of this post will be about.

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.

These are the two most important.

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8/29/24

This will be the last update for September.
From last week,

It couldn't get above the 557.50 major Gann square and the low today hit the short term target at the 503.75 major Gann square. We will now watch this level to see if it can get a rally going.
 

Use 503.75 as the swing point for the week.

It had a couple slight closes through the 503.75 major Gann square, but failed to get any follow through and it now has 3 closes back above it. It did make a new low for the move, so the retracements above moved down slightly.

Use 503.75 as the swing point for the week again.

Above it, we will be using the tightest high to retrace to 739.25 on 5/28/24. The short term target is 38.2% at 588.00, until this level is taken out it is not worth mentioning retracements to longer term highs. Any rally that can't get above the area of 23.6% of the same move at 553.50 and the 557.50 major Gann square is very negative and new lows can quickly follow.

Below it, there are only major Gann squares to watch for support and then use as the swing point when closed below, the next two are 452.50 and 390.00.

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.

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