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Feeder Cattle - Long term top in place

CME:FC1!   FEEDER CATTLE FUTURES
134 7 6
A long term top is in place in Feeder Cattle.

The Elliott Wave Count (EWC) tells us so, but a nice little trick one can use, if a market begins to move exponential is use pitchforks . When the resistance-line of the original pitchfork is broken, then clone the pitchfork and overlay the support-line of the cloned pitchfork with the resistance-line of the original pitchfork and you will be given the next resistance points. If the resistance-line of the cloned pitchfork is hit like here. The odds for an important top being in place is very high. If this supported by the EWC and the RSI as is the case here, you can be pretty certain that the top is in place.

If I had used a candle stick chart, we would have seen, that the final spike to 244.80 was a nice "shooting star" , which was confirmed the following week.

The evidence for a long term top being in place is very strong.
I am looking more at Live Cattle, but I have kind of same feelings there. Overextension of bullish move is probably too much. A top will be in soon and correction is possible, but will it reverse? It's is too early to tell.
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I have been watching this one and its less volatile brother Live cattle. There is an account filling trade on the horizon
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Great call!
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Do you use pitchfork often with Elliott? I am looking for alternative tools to enhance my Elliott wave counts other then oscillators and normal fib retracements. Interesting that the pitchfork clone worked so well here. Cheers, RB
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EWS PRO Nathanael
Hi Ronald,

Thank you!

I like to use the pitchfork, when prices accelerate like they did for Feeder Cattle as it more often than not is able to give you a very strong indication of the top or bottom as you can see at the chart above. So the answer to your question is yes the pitchfork works well with Elliott and can help you determin tops and bottoms.

Just a little hint more. If prices begins to accelerate and moves outside the first pitchfork and you clone the first pitchform if prices also break out of the cloned pitchfork you make another clone of the first pitchfork and place is like the first clone and this should then pick the top or bottom. Three pitchforks is likely the maximum you will ever need to pick the top or bottom.

Hope that gives you an idea of the power of the pitchfork and in combination with Elliott and the oscillator you should have the right arsenal to go to combat.
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Cool. Yea, I have just been using the "traditional channeling" technique when using Elliott wave counts, but I find high volume/powerful moves (I.e a wave 3) always break out of the channel into an oblivion where I can't measure. I'll try this technique out - I appreciate it.

It's hard to find people who care, and know how to use Elliott wave properly in this world. There are a lot of sceptics (I can understand why) but I find it works great with disciplined risk management, and other tools. Thanks again.
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EWS PRO Nathanael
You are most welcome. I'm just happy to be able to help.

By the way, I have just made an updated post, where I have added another pitchfork, but this time towards the downside to find the bottom when that time comes.
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