Crude Oil November

The chart is key to this analysis.

CLX24

From last week,

Last week's low held 78.6% at 66.10 perfectly and the new Bull run started, it is already through 38.2% at 71.50 and getting close to the long term swing point of 38.2% on the continuation chart at 76.50.
Use 76.50 as the DSP for the week.
Above it, the short term target is 78.6% back to the 4/12/24 high at 78.80. The long term target is 83.68, this is a major Gann square and 61.8% on the continuation chart.
Below it, the short term target is 38.2% back to the 9/10/24 low at 71.50. The long term target is 78.6% of the same move at 67.20.

It had one close above 38.2% at 76.50, the high the next day before closing right back below it was just shy of the short term target at 78.80 (78.6%). The new high for the move brought the 38.2% level up to 73.20, traded below it, but closed back above it keeping the current leg positive.
Use 73.20 as the DSP for the week.
Above it, once it can get above the long term swing point at 76.50 (38.2%) the target is 83.68, this is a major Gann square and 61.8% on the continuation chart.
Below it, look for the area of the 68.52 major Gann square and 78.6% back to the 9/10/24 low at 67.60.

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ONE44 Analytics where the analysis is concise and to the point

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. On the chart you can see where the market turned multiple times at these levels.

The second is Fibonacci retracements and this is what most of this post will be about.

There are a few basic rules when using the Fibonacci retracements with the ONE44 rules and guidelines.

This is the short version.

A 38.2% level keeps the trend intact and new highs/lows should follow.

A 23.6% level shows the market is extremely strong, or weak.

A 61.8% level can cause wide swings and keep the market in a trading range.

A 78.6% level can send it 78.6% of where it just came from and even be the end or start of a Bull market.

We have done 42 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.

This is our latest Video.

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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