Corn, Key Support/Resistance Using Fibonacci And W.D. Gann

Corn

(ZCZ23) 
December

There are two methods we use to determine support and resistance in every market. One are the Fibonacci retracements with the ONE44 rules and guidelines, which we believe are the underlying structure of all markets and W.D. Ganns major squares.

On the chart below you can see all the highs and lows that have held either Fibonacci retracements, and or major Gann squares (yellow horizontal lines).

The low on 5/18/23 did both, it held the 495.25 major gann square and hit 61.8% of the contract high and low at 491.00. The ONE44 61.8% rule says to look for a 61.8% retracement the other way. This was accomplished on 6/20/23. On the next day it topped out at the 630.50 major Gann square..

The break from there went all the way back to 61.8% at 491.00 and the 495.25 major Gann square again. The next rally stopped at the 570.25 major Gann square and 61.8% at 573.00 on 7/24/23. The setback from it sent it down to the 475.00 major Gann square and it then spent two months in between there and the 495.25 major Gann square.

The last rally attempt went right into 23.6% (506.00) back to the 6/21/23 high and 38.2% (508.00) back to the 7/24/23 low. The current break has now made new lows as would be expected from those retracements.

Right Now,

The downside target when using the Fibonacci retracements is 78.6% of the contract high and low at 438.75, this also happens to be a major Gann square for added support. Use the 475.00 major gann square as the swing point for now. Above it, look for the next major Gann square at 495.25. To get the long term targets on a rally from here you can become a Premium Member and get all of these levels well ahead of time.

All of the major Gann squares are static and will be good until the expiration of the contract. 

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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