Lean Hogs

(HEM24) 
June

4/18/24 Update

The charts are key to this analysis.

From last week,

There was one close above 107.70 (61.8%), it then traded above the 109.10 major Gann square and closed well below 107.70. As mentioned by doing this we think it can have a sharp selloff, however we will be watching all the retracements to see just how weak, or strong the market is.

Use 107.70 as the swing point for the week again.

The sharp selloff after hitting the 109.10 major Gann square and closing below 107.70 has now taken it to the short term target of 38.2% at 101.10.

 Use 101.10 as the swing point for the week.

Above it, the short term target is a retest of 61.8% at 107.70, this is also now 78.6% back to the 4/10/24 high. The long term target is.....

Below it, look for it to complete the 61.8% (107.70) to 61.8% target of 96.00 based on the ONE44 61.8% rule. On an extended move .....

Cattle

(LEM24) 

June

4/18/24 Update

From last week,

There wasn't much of a rally from 171.80 (61.8%) and it is now back at that level again. Without violating this area all the levels from the Special update are the same. With it already hitting 171.80 , one thing to watch for is it trades below 171.80 and then closes above the 172.57 major Gann square, as this can cause a quick rally.

Use  171.80 as the swing point for the week again.

It had one close below 171.80, we always want to see two, to violate the level and it got right back above it and rallied just short of 38.2% back to the 3/14/24 high at 176.55.

Use 176.55 as the swing point for the week.

Above it, we will look for it to complete the 61.8% (171.80) to 61.8% target at 180.35, based on the ONE44 61.8% rule. On an extended move ....

Below it, the short term target is 78.6% back to the 4/12/24 low at 171.65. The long term target area is to.....
 

You can find the Grains Overview in this post we put out on Thursday HERE.

We have over 35 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. Here 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.