Feb 2017 Live Cattle steadily moving upwards. Next target is the 108 area. Possible high to reach its final goal hopefully in the next couple of weeks at 113. Cattle market reports calling for steady slaughter up 15% from last year.
See cattle going to 113.300 to complete a Cypher pattern 78.6 percent of the XA line.
A strong case could still be made for a rebound in beef prices. I am a buyer. I don't pay much attention to many indicators, but I always pay attention to volatility.
Comments on the chart
I feel like this is the big short or something. Cattle getting crush to a pulp. Big money just playing with the chump traders. Absolute low on major trendline is 96 but we are on a big fib.
In the chart above I've plotted average cattle prices since February of 1980. I found that a 30 year view is typically enough to see the big picture in a market. Prices closed today (9/6/16) nearly exactly at par, which has been a major level since 2003. From its all time low (53.xx in July 1985) to its peak (170.xx on Nov 2014), the .618% retracement sits at...
The market made a New Structure High back on August 4th signifying that we will have a continued uptrend potentially. Currently the market is retesting a big support zone, which happens to be a 61.8% Fib Retracement with the market becoming oversold as indicated by the RSI below. I would expect to see another rally coming to ATLEAST retest previous structure highs...
Based on very similar price action and result last year
The market has experience an an excellent rally over the past 10 days and is now hitting a prior area of support/resistance. When using the Fib Extension we are currently at the 127.2 Level, which also lines up with a 78.6 Fib Retracement at this same level. An additional confirmation can be found by the overbought level of the RSI Indicator below. I am predicting...
Expecting a moderate rebound. Targets will be posted. I am long
The market has made a New Structure Low (NSL) in the past couple days when the market became oversold and now has started to rally a bit. This NSL would signify another downtrend continuation trade possibility. Based on prior resistance/support areas, I am projecting the market to rally back into the $115-$117 price range, which happens to be the 61.8 - 78.6 Fib...
Last attempt was a failure as shown below:
Using Heikin Ashi sticks to smooth out the price.
5 wave counted on chart, waiting for confirmation to downside