Live Cattle creating long term H&S on most charts. Ran into some head wind today for another move higher. Trapped in a three drives scenario. Had broken a downtrend line at 123 and above the 20 day moving average. Went negative today. This may be the top end of the last shoulder. Need more confirmation. Still potential to move higher as there is a projected bearish Cypher in play.
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Live Cattle reversed direction building out last shoulder and heading for neckline. S1 at 119.775 neckline target for today.
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Cattle broke neckline of H&S heading for S2 at 118.100
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Live Cattle ended the day at neckline. Couldn't hold below. S2 might be all we will get here. If it can stay below S2 tomorrow we may see S3 at 115.400
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Live Cattle spinning top is an indication of possible reverse. RSI almost depleted. Downside target 117. Feeder Index has been dropping so there could be a charge to 115.400, but that would require several reversal steps to achieve.
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Live Cattle aggressive move up. Possible move to 121.650 and then pivot. Feeder index still falling.
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Cattle bounce off of S2 and heading towards pivot 122.475. Looking to see if this market can bust through downtrend, H&S and keep above it for another uptrend.
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Cattle building out last shoulder on a possible H&S. Pivot becomes resistance and possible reversal.
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Cattle up a little more today. Sellers were looking at this H&S and pulled out at the last moment. Feeder index stable, so the potential of a fall is there. Need to see what Friday brings.
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Cattle looking like it might make mini H&S after all. Heavy selling today. Rotated downward and overshadowed yesterday's high. Look for more downward pressure from bears. Index still stable. Needs to break 121.650 and stay below to reach S1 at 119.75 neckline. This would also be the last move of a three drives scenario bear drop to S3.
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Cattle double tweezer top rejection. Need confirmation.
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Cattle fell and was bought back. Pivot is support.