Soybean Meal And The 78.6% Fibonacci Retracement, Going For The 6th.

Soybean Meal going for the 6th 78.6% Fibonacci retracement in 9 weeks.

This is an update to the post below from 8/25/23.

The wide swings between 78.6% retracements is what you can expect when following the ONE44 rules and guidelines.

It did have one close above the 78.6% level at at 415.00 and we always want to see two higher closes in a row to violate the level. In this case it was right back below it the next day and has had a $12.00 break so far. With the new high the 78.6% target below is 388.30.  

November Soybeans also are coming off of a 78.6% retracement and the first target is 1307.50.

Keep an eye on these retracements for the next good move, to get all the levels if the markets don't turn from there you can become a Premium Member, you will also get the analysis for all of the other Grains well in advance.

This video will give you more on how to use the 78.6% and 61.8% Fibonacci retracements.

The yellow horizontal lines on the chart are W.D. Gann "Law of Vibration" support and resistance levels.

Soybean Meal

8/25/23

(ZMZ23) 

In our last update on Barchart over a week ago we said this,

Soybean Meal has been trading in a wide range after hitting 78.6% on top at 422.00 and below at 377.00. This is not unexpected when reacting to a 78.6% retracement, as it can cause wide swings. We will watch 377.00 again to see if this level holds, provided it does, the longer term target is 78.6% the other way at 415.00.

The short explanation of the ONE44 78.6% rule is this,
 

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.

When a market does react to 78.6% it usually creates wide swings that go through all the other retracements, this either happens in very large trading ranges or very small, it is also the level hit most often when the market is reacting from 23.6% and 38.2% and fails to make the new high/low. This is where a lot of Bull runs start and end.

8/25/23

NOW,

It has now hit the 415.00 target that was 78.6% and the 414.00 major Gann square. We are now looking for the wide swings to continue and the next target below is 78.6% the other way just as it did 5 times before at 387.00 based on the rule above. 

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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.

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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