(LEM24) 

June Cattle has had a $9.00 break from the 185.47 major Gann square and swing point for the week. That break took it right into 38.2% of the 12/6/23 low and 3/14/24 low at 177.65. We now have a new swing point for the week.

From our last update,

Use the 185.43 major Gann square as the swing point for the week.

 Below it, look for 38.2% back to the 12/6/23 low at 177.65. Any setback that holds 23.6% at 181.00 keeps the trend extremely positive and new highs can follow......

The break failed to stop at 23.6% at 181.00 and today spiked down to 38.2% at 177.65. It did trade below it, but closed back above.

Use 177.65 as the swing point for the week.

Above it, holding a 38.2% retracement can send this market to new highs, per the ONE44 38.2% rule, however as always we will watch all the retracements on every move to see just how strong, or weak the market is regardless of the longer term target. The short term target is 78.6% back to the high at 184.50, keep in mind any failure to make a new high that comes in the 78.6% area can cause a sharp setback.

(GFK24) 
May Feeder Cattle had a $14.00 break from the 259.74 major Gann square and swing point for the week. The break took it right into the area of the 247.15 major Gann square and 38.2% back to the 12/7/23 low at 246.00 and this created a new swing point for the week.

From our last update,

May looks identical to April, it also hit 78.6% back to the contract high and we are looking for a bigger break from this area. It has been trading at the 259.75 major Gann square for all of March.

 Use 259.75 as the swing point for the week.

 Below it, look for the area of the 247.15 major Gann square and 38.2% back to the 12/7/23 low at 246.00. Any setback that holds 23.6% at 252.50 keeps the trend extremely positive and new highs can follow.

The 23.6% level failed to turn the market higher and today it had a hard break right into the area of the 247.15 major Gann square and 38.2% at 246.00.

Use 246.00 as the swing point for the week.

Above it, the situation is the same as Cattle, a rally from  38.2% can send this market to new highs, but we will watch 78.6% back to the 2/27/24 high at 259.74, which is also a major Gann square. The short term target is 259.74. 

ONE44 Analytics has over 35 videos on how to use the Fibonacci retracements! This is the latest.

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.

Sign up for our Free newsletter here.
 

FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results.