EWS
Short

Adding another pitchfork, to find the bottom

CME:FC1!   FEEDER CATTLE FUTURES
78 4 3
Almost a year ago (see the link), I made a post saying that a long termtop was in place and a decline cutting prices in half should be expected. This decline is now well underway. From an Elliott Wave perspective we are in red wave iii             of wave iii             lower. Red wave iii             has hit support at 177.40 where it will be 200% the length of red wave i. I would not be surprised to see a correction towards 184.65 soon. Once this minor correction is over more downside towards 165.73 is expected as the bottom of wave iii             .

When prices moves below 170.85, a break below the original pitchfork support-line will be seen, but as I did towards the upside, I just clone the original pitchfork and aligne it below the original pitchfork to provid me with the next supports.

One final message, there isn't yet any divergences to be seen on the RSI , so all we should expect is only corrections in a downtrend.
Nathanael
a year ago
Cool! However, with that RSI so low, you don't think that it could just be an ABC correction, as opposed to your suggested impulse down? To me it looks like we are on iii of C
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EWS PRO Nathanael
a year ago
It's possible, but you still want to see positive divergence building before a serious bottom is in place, so more downside should be expected. If it's wave C then you will still look for a five wave decline to finish wave C so after a correction more downside should be seen.
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WillieG EWS
a year ago
Kinda feels like a 5-3-5 4th wave correction.
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Olu
a year ago
i agreed with you a year ago and I agree with you now that there is still more downside to come. Great analysis. Hope you caught a lot of the move down
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