February Live Cattle H&S, Bat, Gartley?
Feb Live Cattle could be forming two things. 1. massive H&S or 2. Bullish Bat / Gartely pattern. LC fell off of a bearish flag on Friday and moved lower today. Next dowside target is to break support at 122.250, then S1 at 120.325. RSI still has room to move down before hitting potential support line at 38.
Comment:
Live Cattle may have created a bearish flag today. Pivot line is resistance at 125.325. Need to see tomorrow if this is another uptrend or degrade downward.
Comment:
Live Cattle using pivot for its next uptrend. Target 128.900 at C position for Gartely. Beyond that R1 at 130.300, then double top. Cattle loves double tops. R2 is a possibility
Comment:
Cattle couldn't maintain an uptrend and fell through pivot. No confirmation of trend yet. Looking tomorrow for direction.
Comment:
February Live Cattle made the H&S and is now falling through the neckline. Long term target 114. Short term target for Monday S1 at 120.325, then S2 at 117.250
Comment:
Cattle slipped again to S2. Next downside target is S3 at 117.200
Comment:
Cattle still falling and slowing down as it nears S3. Still predicting 114 for bullish Gartley
Comment:
Live Cattle pause today. Still see more downside to this market. Using S3 at 117.250 as support. This number needs to be broken for more downside.
Comment:
Last down wave for cattle as it loops around heading towards S3 at 117.200.
Trade closed manually:
Live Cattle popped up off of the S3 support area. Next upside target for cattle is to break 121.900. This is either an uptrend or a three drives move. New formation pending
