June Live Cattle was up today. We still see this market bearish until proven otherwise. Next downside position for bears is below 103.70 to 102. Next long position for bulls is a double top at 105.75 or better.
April Feeder Cattle fell some more today. Next level 122 and below.
March Australian Dollar very close to the pull back Elliot Wave position 4. Possible short action between here .7281 and .7295. If Australian dollar overcomes this to 50-61.8% retracement, Elliot Wave less likely to kick in. USD fell today but kept within consolidation. This should be kept under consideration.
March Australian Dollar rose slightly against the USD. Looking for AUD to finish Elliot Wave position 4 somewhat like the 1-2 move, choppy. Move has been contained within the bearish flag setup.
March Oats rose today off of bullish flag and stopped at Gartley 78.6% of the XA leg. This may turn into a Butterfly with upward progression to 251'2 or fail and move lower. Oats has major weekly resistance at 243, but once moved out of Gartley, potential for butterfly should be intact.
April Feeder Cattle continued its progression lower off the Gartley pattern and stayed under the 20 day moving average. Looking for next low of 123.425. A round top has formed suggesting further lows. Largest potential move to 38.2 retracement. March Corn rose today. Tomorrow might see Corn 360'6.
April Feeder Cattle fell a little further to stay under the 20 day moving average. We also have a rounding top suggesting further price action lower. Next possible price move to 123.25. Looking for 38.2 retracement. March Corn rose today. Looking for another day of up movement tomorrow to 360'6
June Live Cattle fell off the Cypher pattern and moved under the 20 day moving average to close near 38.2% retracement. Possible continuation lower to 50% retracement, then 61.8. Found first support from position 3 of the elliot wave. Next major support at 71.8 level created at th AB leg of the Cypher pattern at 101.050 and July 22 of last year.
Feb, April and June Lean Hogs fell below the 20 day moving average. Still an unstable market of up and down movement. Look for further lows to 38.2.
March Euro completed a 1-5 Elliot Wave. Last days price action is showing a continued move upward above the 20 day moving average, then possible continuation up to 1.09610 just above the Oct 25 low.
March British Pound is trying to create a bullish Butterfly pattern. Position BC still to be determined in the next week, then possible sell back to 1.1956. Gann Fan deterioration is developing here and 4/1 line could be support for retreat downwards if USD strengthens. False break out over the 20 day moving average is also possible if this market reaches 61.8...
March Australian dollar creating a 1-5 Elliot Wave with possible Gartley pattern end wave. Looking for a sell at .7283 position 4 just below previous low down to .70 position 5.
March Oats is creating a bullish flag. Open interest is falling with market in consolidation. Look for upside movement to 236 to create Gartley pattern. If Gartley holds possible falter back down to 226'2 and 220'4 where wedge support is. If not, look for further upside potential to create a butterfly pattern to 251'2 and butterfly extension to 263'4. There is...
June Live Cattle trending sideways to lower. Look for lower prices Monday. Watching to see if it goes and stays under the 20 day moving average for opportunity short side. June has completed both a cypher pattern and elliot wave.
April Feeder Cattle Friday fell and stayed under the 20 day moving average. Look for continued short side to 121.200 if bears can force it that low. Low bars on open interest is a good sign of continued action lower.
June Live Cattle has completed a Bearish Cypher and Elliot Wave 1-5 position. Look for a possible downward trend to 100.650. Waiting for move below the 20 day moving average for confirmation. There is also a potential butterfly to 111.100 if this markets breaks out of 105.5. The overbought situation may counter any bullish move here.
Feb Lean Hog has created a series of bullish flags but hasn't produce much results as of late. Still in the 1/1 Gann Fan. Look for continued sideways action and breakouts unless bears can trade this lower.
Lean Hog finished it's butterfly today. Possible run through the XA leg extension and run to top of hogs. Sell back this morning was short lived as bulls are still in command.