Hogs completed the Gartley and fell off and hit the uptrend line. Looking for mixed trading Friday and then possible continued selling or a pause and then a reversal up. Initial support comes in at 61.150. Hogs still seem very bullish.
December Live Cattle is creeping its way towards a Bullish Cypher. Next downside target is 113.45 and possible end at 111 before turning north. Live Cattle broke the uptrend line on Wednesday. It needs to break 114.650 and stay below to signify a continuation and fulfillment of this pattern.
December Lean Hog is building out a Bearish Gartley pattern. Resistance comes in at 63.150. It came close to here a couple of times and looks like it wants to try again. If broken upside target is around 63.775. Big time resistance coming in at 64.250. If bulls can break this and stay above it, could be seen as another significant uptrend.
October Lean Hog has completed a Bearish Cypher pattern and a double top sell formation. Hogs have to cross 66.925 and stay below to make this a full on trend. This would also put it under the 20 day moving average. 65.250 is target after 66.925 break.
July Oats was down today breaking and staying below the 20 day moving average. Next downside target for bears is 234, then 232'6 and 230'2. For now a Bullish Gartley pattern is forming. RSI trend is still intact and watching to see if this breaks.
June Palladium is still on the move upward. Now building out a Bearish Butterfly, but needs to break resistance at 808.35 and stay above this to gather more steam. Upside target for bulls is 831.95 and then 846.55. Downside target for bears is 784.75 outside trendline. A wedge is forming here suggesting an upside surge. Overall target is 869.90
July Oats slid today and could be building out a bearish bat. Next downside target 234 then potentially 230'2 possibly meeting up with the 20 day moving average. Two trendlines are converging keeping this up and down situation probably for the next month. Oats ended the day below 240'6 previous support tracing back to 2016-12-14.
Lean Hogs has climbed a little higher today. Still has a little more RSI to go, and wouldn't be surprised for a run to double top. Would could be witnessing an elliot wave here.
Live Cattle is building out a possible Shark Pattern. Next downside target at 114.625 before continuing up.
June E-mini Light Crude is forming a bearish pattern of either a Gartley or Cypher. Next downside target at 48.425 and Cypher at 46.675. Potential rebound to 51, then possibly 53, with an outside chance at 54.475 before becoming bearish again.
December Live Cattle has created a evening star Doji along with two other dojis in overbought market extending into a Cypher pattern extensions. Possible retracement to 109.400, then 108.525 to fill small gap left back a week ago. Cattle in uptrend so caution to extent of drop should be noted.
July Soybeans rising higher. Potential target 990'2 to build out a Bearish Cypher.
June Lean Hogs rose today off oversold conditions and a bullish Butterfly Pattern. Next upside target 71.375, and then 72.825 to start forming a projected Bearish Cypher pattern.
Wheat RSI has floored. Elliot wave 1-5 complete, and wheat is still trying to sell itself off of a bearish flag. There is an outside chance of this becoming a Shark. More likelihood a Bearish Cypher. If up trend forms, looking at 430'4 and then 444'2. After 452. This could also fall more into extension in which case target numbers may change.
June Palladium is looking for more upside. Using 785 as support, but there is an underlining downtrend present. Upside target 813.65 and if it can break the double top, 832. If this fails and 785 breaks, downside target trendline at 772 and possibly 770. PA must clear 801 and stay above that to make any headway.
July Corn is falling from downtrend line last 4 days creating a bearish Cypher pattern. Target for today 364. After that a potential target of 356'2 to bottom out RSI.
Oats is setting up a bearish Cypher pattern. Target between 210'2 and 208 before trending back up and completing Cypher. Right now end Cypher estimated around 232'6 trendline, but that could change next week.