Corn

(ZCH25) 

The chart is key to this analysis.

This week's ONE44 Corn update is below the first part of this post.
 

March

Corn hit key resistance on Friday at 469.00, this has been our target for a few months now, but first we will go over how we got here.

Back on 12/17/24 we said this in our weekly update,

The current break after getting back below the long term combination retracements at 443.00 took out 38.2% at 433.50, this turned the short term trend negative. Today's low hit the short term target of 78.6% at 414.00. Provided this level holds and the 8/26/24 low holds, this can be the start of the next Bull move based on the ONE44 78.6% rule.

Use 414.00 as the swing point for the week.

Above it, the short term target is 78.6% the other way at 444.00, this would also bring it back into the long term combination retracement at 433.00. The long term target area is 38.2% back to the contract high at 469.00, (this is the long term swing point) and the 475.00 major Gann square.

 The rally from 417.00 completed the first part of the ONE44 78.6% rule and that was to go 78.6% of the move it just came from at 444.00. The setback from there held 61.8% on 11/26/24 at 427.00. The next setback held 38.2% on 12/19/24 at 437.00 and by doing this it established that it now had a solid trend. 

ONE44 38.2% rule,

 The 38.2% level is the single most important retracement and is the level we use for the "Golden Rule". This rule being, " any market that is going to keep its current trend must hold 38.2%". As long as it does the trend will continue and it should make new highs/lows from that retracement.

It has now hit the key long term target area of 38.2% back to the contract high at 469.00 and the 475.00 major Gann square. A setback from this area can send it right back down to test the low again and above it the long term trend turns positive and we look for 61.8% of the same move.

We have done 44 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. These Videos are worth watching even if it is not in the market you are trading, as the ONE44 rules and guidelines are the same for every market. You will also see why we believe the Fibonacci retracements are the underlying structure of ALL markets.

Here is the latest.

1/9/25 Corn Update

March

From last week,

Corn remains in the strongest position of the Grains, however it is approaching a key long term level at 469.00 and this will be a big test for it, taking it out turns the long term trend positive and on the other hand a setback from it can send it back to test the low. As always we will watch all the retracements on every move to see just how weak, or strong the market is regardless of the longer term target. We will use 23.6% back to the 8/26/24 low for the tightest support, this will also be the key level for the next week.

Use 446.50 as the swing point for the week.

The attempt to setback this week could not even get back to 23.6% and swing point for the week at 446.50 keeping the trend extremely positive. As mentioned last week they are approaching a major retracement above at 469.00. With the tight range this week all the levels Above/Below remain the same.

Use 446.50 as the swing point for the week.

Above it, is extremely positive and the short term target is 469.00, this is 38.2% back to the contract high and the long term swing point. The long term target area is 61.8% back to the same high at 508.00 and the 512.25 major Gann square.

Below it, it will still need to take out the area of the 440.40 major Gann square and 38.2% at 439.00 to turn the current trend negative. On an extended move lower from here, look for 78.6% of the same range at 415.00. A failure to turn higher from this area will give us only major Gann squares to look for support and then use as the swing point when closed below, the next one is 399.50.

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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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