Corn, Cattle Sup/Res With Fibonacci and W.D. Gann
The combination of Fibonacci retracements with the ONE44 rules and guidelines and the major Gann squares are an excellent way to find support/resistance and what to look for from them.
The charts below are key to this analysis.
Using the major Gann squares (yellow horizontal lines on chart) the lows on 7/6/22 and 7/25/22 held the 543.00 major Gann square. The highs between 9/1/22 and 11/4/22 held below the 630.75 major Gann square, this was also a 61.8% retracement back to the contract high. From then on you can see how the market traded around the major Gann squares on the way to the bottom on 5/18/23, when it hit the 495.25 major Gann square and 61.8% of the contract high and low at 490.50. Using the ONE44 61.8% rule, the target was 61.8% back the other way. That target was achieved on 6/20/23 at 604.25. The eventual high for the move came at the 630.75 major Gann square.
The break from that high took it all the way back to 61.8% at 490.50 and it then rallied 61.8% the other way at 573.00, there was also a major Gann square at 570.25.
NOW
The last two months have been trading between the 475.00 and 495.25 major Gann squares. The next target above is the 518.75 major Gann square, this is also 23.6% back to the contract high. Failing to get above this level keeps the trend very negative. Below the 495.25 major Gann square, look for the 475.00 major Gann square again.
Cattle
Below the Corn chart is October Cattle. You can see all the major Gann squares it held, or hit above as well as all the Fibonacci retracements it held to keep the trend intact.
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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 major Gann squares.
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