Olu
Short

Lean Hogs: Price could get slaughtered from here

CME:HEG2016   LEAN HOGS FUTURES
30 5 3
Comments on the chart
Comment: We have had the breakdown from the structure and price could be doing a retest of the underside of the structure. This idea us toast if 62 is taken out. By the way the rest of the meats are flying upwards while this one is not doing so as much. Hint of more bearishness?
Comment: Closed out my trade for a loss just now. I am bearish but the market is saying different. I am not in the business of taking on the market
im bull here
Reply
Olu LEONES
I hear you Leones. The only thing keeping me bearish is the EW principle that the the move up from the 54 low is in no way impulsive. If it is not impulsive then it is corrective. If it is corrective then the whole corrective move will be retraced - and more
Reply
why the move up is not impulsive and it is corrective?
Reply
Olu Olu
In EW terms an impulsive move will show clear advance not a choppy and overlapping one like I think it is here. The only allowed overlapping pattern in EW that can have overlapping waves is an ending diagonal which this upmove is not. In any case I have a tight stop so the damage will not be too much if I am wrong
Reply
Olu LEONES
Also the other meats will soon start a retracement imho
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