Feb Hogs Possible Bullish Butterfly.
Feb Hogs may be setting up for a bullish butterfly. Hogs fell off a bearish flag today. Next downside target for bears is breaking S1 at at 67.150 and running at 65.200 S2. Index is now at 67 and we should see fall to 66.5 tomorrow at the rate the index has been falling for the last week. There is a big support area down at 64 which traces back to August 2 and June 16. If index continues to fall, we might see this break.
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Hogs still within bearish flag. A bull try was fought back by bears. Could go either way Monday.
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Hogs moved higher today. Probably further upside back to pivot at 70.325, but with index still falling we don't see much upside here. This could potentially be an Elliot Wave if Hogs fall from here, 68.425 or pivot. Index now at 65.42 which would be nearing S2.
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Hog index continues down. Market turned from a retracement downward today and fell through support at 67.150. Next downside for bears is S2 at 65.200. Index is now at 64.83 which is just under S2. This may fall further than proposed pattern. Could fall as far as S3 at 62.050 before turning. We might also have an Elliot Wave.
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Hogs crept up a bit but needs to break 70.325 pivot for any significant upside. Index now at 63.98, so we would presume that pivot should hold and market might fall.
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Hogs created a bearish move today. Index continues to fall but is slowing down. Now at 62.90. We may have a Bullish Bat play here as it got close to 88.6 before turning around.
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Hogs tried to move further up today as index paused for the second day. Next downside target is 68.250, then S1 at 67.150. We may see index start to creep back up to join with trend down somewhere around 64 area. Goal is S2 at 65.200.
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Hogs trying to perform a double top. Index is starting to turn and creep back up. Now at 63.20.
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Index rose again to 63.90. Hogs looks bearish for the moment, but previous pivot has become strong support at 70.350. If index continues up we might have another uptrend to 75.425 and beyond. Everything might try to come together at 67.150 as well and then make a determination.
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Feb Hogs falling again and broke pivot. Target S1 at 67.100
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Black line shows where the index is today
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Hogs finished the day down. Target S1. Bullish Bat pattern in play. Not sure it will hit 64. if it can achieve S1 without any issues, then S2 is surely a potential target. There is an outside chance of a Butterfly, but I wouldn't hold my breath.
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A bearish spinning top day for Hogs. No movement on index. 67.100 still target for bears.
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Hogs made a bullish flag today as index rose to 65.30. We may not see 64. Index will support hogs. Upside target pivot then R1 at 72.475. Need confirmation on Monday.
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Hogs fell again and hit 67.100 at S1. Next downside target is S2 at 66.425. Index didn't move much from Friday. Still looking at 64 for bullish Bat.
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Index still stable. Bullish move today suggest a possible turn around, but skeptical. Still targeting 64. More confirmation needed. You could say a double bottom was reached and 66.250 becomes support.
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Hogs index fell the last two days. Now at 64.11. Target 64 now back in play.
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Hogs fall again as index also declines to 63.11 now under target at 64. Next downside target 65.425 at S2.
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Lean Hogs ended the day with a bearish doji. Index down even more to 62.38. Another leg down for tomorrow and into next week should be possible.
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Hogs keeps thinking it is bullish as index continues to fall. Multiple large sells have been smashed through in the last 3 days, despite this, hogs continues up. It seems that hogs is targeting 73.475 at previous R1. This would be RSI into a sell position and a double top. 73 also might be Hogs full potential, but I don't think RSI would max out there unless it goes into a couple of dojis.
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Hogs hit double top today and went to bearish spinning top suggesting another downside move. There were more large sells than buys as most believe that this market should be going down not up. Index fell again today heading toward 61. Tomorrow hopefully will show more.
