Corn

(ZCK24) 
May

The chart below is key to this analysis.

The recent rally from 78.6% at 410.00 based on the May continuation chart was stopped by the 442.75 major Gann square on 3/12/24 and 3/21/24. The downside target is the area of the 419.75 major Gann square and 78.6% back to the 2/26/24 low at 417.00. This is our latest update to our Premium Members.

From last week,

This week's rally was stopped by the 442.75 major Gann square.

Use 442.75 as the swing point for the week.

 Not much of a range this week and today's trade above 442.75 failed to close above it. We still like the level that the market held on the 2/26/24 and think this can be a long term bottom. There is one support level added for this week and all the levels above remain the same.

 3/21/24

Use 442.75 as the swing point for the week again.

Above it, the levels remain the same from last week, the long term target is the long term swing point at 515.00, this is 38.2% back to the contract high. The short term target is.....
 

Below it, the short term target area is the 419.75 major Gann square and 78.6% back to the 2/26/24 low at 417.00. A failure to turn higher from.....
 

ONE44 Guidelines
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 38 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines.

THIS IS OUR LATEST.

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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