Soybeans

(ZSK25) 

This will be the last update for May.

From last week,

The market did get right back above it on Monday and it has rallied over 55 cents so far. Today it closed above the short term swing point at 1016.00 and this turns the short term trend positive. Provided it stays above it we will be looking for it to complete the 78.6% (984.00) to 78.6% at 1066.00.  The key level for the next week will be 1016.00.

Use 1016.00 as the swing point for the week.

Above it, keeps the short term trend positive and the short term target is 61.8% back to the 2/5/25 high at 1046.00. The longer term....

The rally from 78.6% (984.00) has now hit the short term target of 61.8% at 1046.00, this will be the key level for the next week. A setback from a 61.8% retracement can send the market 61.8% back the other way, per the ONE44 61.8% rule, we will watch all the retracements on any setback. Only setting back 38.2% would be a strong sign and it will keep the short term trend positive.

Use 1046.00 as the swing point for the week.

Above it, the short term target is a completion of the 78.6% (984.00) to 78.6% at 1066.00 based on the ONE44 78.6% rule. The long term target area is 61.8% back to the contract high at 1177.00 and the 1185.50 major Gann square. It still needs to take out the Intermediate swing point at 1092.00 to turn that trend positive, it has already reacted to this level and we think it can be taken out the next time there, however you still have to watch it with the 1083.75 major Gann square also being right there. There is also one major Gann square after that to look for resistance and then use as the swing point when closed above at 1135.75.

Below it, the short term target is 61.8% back to the 4/7/25 low at 1000.00. The next support area is 78.6% of the same move at 986.00 and the 977.75 major Gann square, 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 919.25. Any setback that holds 38.2% at 1019.00 is a very strong sign and keeps the idea of a summer rally intact.

We have done 46 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.

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