Wheat

(ZWN25) 

July

From last week,

The break from 23.6% (549.00) sent the market to a new low with all but today closing below the 528.25 major Gann square and swing point for the week. This level will again be the key level for next week. The Below remains the same and the Above has moved down.

Use 528.25 as the swing point for the week again.

Above it, the short term target is 38.2% back to the 2/19/25 high at 556.25, this is also a major Gann square, taking this level out would turn the short term trend positive, failing to get above it can send it right back down to a new low.

The rally from the 528.25 major Gann square and swing point for the week hit the short term target that was the 556.25 major Gann square and 38.2% back to the 2/18/25 high. Failing to take this level out keeps the short term trend negative and a new low is possible per the ONE44 38.2% rule. This will be the key level for the next week.

Use 556.25 as the swing point for the week.

Above it, turns the short term trend positive. The short term target is 61.8% of the same move at 585.00. The long term target is 38.2% back to the 5/22/24 high at 603.00, taking this level out would turn the long term trend positive, there is also a major Gann square at 608.50 for added resistance.

Below it, the short term target is 78.6% back to the 5/13/25 low at 516.00. 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 two are 498.50 and 471.75.

We have done 47 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.

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