Wheat & The Long Term Top Explained, Plus Key Levels For The Week

Wheat & The Long Term Top Explained, Plus Key Levels For The Week

(ZWZ26) 
There are two methods we use at ONE44 to find support and resistance in the markets. The first are major Gann squares, these are the yellow horizontal lines on the chart. The second is Fibonacci retracements.

What we do in each Weekly Grain/Livestock Update is make you aware of the key levels based on the two methods above and then what to look for on a reaction from each of these levels. Our subscribers were well aware of the potential on a reaction from the long term 38.2% retracement at 799.00, we even did a video on what was possible from the long term Fibonacci retracements. Here is what we put out,8/26/26

The setback from the 712.00 (78.6%) swing point was muted and today's rally closed it above the 730.75 major Gann square and this will be the key level for the week. We continue to look for the long term swing point above.

 9/3/26

Every close was above the 730.75 major Gann square and swing point for the week and it got very close to the long term swing point at 799.00. We went over where this retracement came from in our latest video this week and how a bigger than normal setback is possible from a long term level like this. As always we will watch all the retracements on a setback from this area to see just how weak, or strong the market is. So far the setback has hit 23.6% back to the contract low at 737.00 and this will be the key level for the week.

 9/10/26

Yesterday closed below the 737.00 (23.6%) swing point for the week, we will now see if it gets another close below it today to add to the idea of a longer term top being in after failing to get above the long term 38.2% level back to the 2022 high. This will again be the key level for the week. Getting right back above it can send it right back to retest the high.

 You can see on the chart just how important it was to know what this level was and what was possible from it. It has now gone through all the Fibonacci retracements turning the Short and Intermediate term trends negative after failing to turn the Long term trend positive above the long term 38.2% level at 799.00. This is the analysis we put out this week for December Wheat,

December

From last week,

All the closes were below the 632.75 major Gann square and swing point for the week and it now has one close below the 78.6% target at 606.00, this will be the key level for the week.

Use 606.00 as the swing point for the week.

All of this week's closes were slightly below the 606.00 (78.6%) swing point for the week, it made a slightly lower low with no follow through and this will again be the key level for the week. 

Use 606.00 as the swing point for the week again.

Above it, provided it can get back above 606.00 the long term target will be 78.6% the other way at 753.75 per the ONE44 78.6% rule. The short term target is 38.2% back to the contract high at 670.00, this is the level that needs to be taken out to turn the short term trend positive again. Any rally that can't get above 23.6% at 640.00 is a very negative sign and a new low can quickly follow.

Below it, the short term target is the 580.25 major Gann square. The long term target is 78.6% on the continuation chart at 554.50, this is also a major Gann square.

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.

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