Soybeans

(ZSN24) 

July

Going back to the high on 11/15/23 at 1421.00 the market hit 38.2% on the continuation chart. All the attempts to rally were marginal at best, until it held 61.8% on the continuation chart on 2/29/24. This was the first first solid reason for a rally and possible bottom to the next big move higher. Following the ONE44 61.8% rule,

Whenever the market holds 61.8% of a move, look for it to go 61.8% of where it just came from. This usually happens when a market is directionless, or in a consolidation period.

The $1.00 move higher from there fell short of 38.2% back to the 11/15/23 high keeping the current trend negative. The setback from there took it to 78.6% of the 2/29/24 low and 3/21/24 high at 1163.00 and this is the second reason for the possibility of a good rally when following the ONE44 78.6% rule,
 

Any market that hits 78.6% should go 78.6% back the other way. This is also where a lot of Bull markets end and start.

The two rules just mentioned are the short version of them and we have done 39 videos on how to use the Fibonacci retracement with the ONE44 rules and guidelines. This is the latest.

The short term target is 78.6% the other way at 1225.00 based on the ONE44 78.6% rule. The long term target is 61.8% back to the 11/15/23 high based on the ONE44 61.8% rule.

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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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