Although corn prices rose strongly, Jan Feeder Cattle held firm to keep Elliot Wave still in play. Seeing the structure of corn locked in a wedge, and a lot of corn still out there, we may see Feeders rise tomorrow. Previous incarnations of a Bearish cross showed upside possibilities. Gartely still possible to 132.675
February Live Cattle showed weakness early and ended the day in a bullish cross. Looking for more upside tomorrow and through the week to move towards 116. Still believe that the Elliot Wave is still intact.
Feb Live Cattle ended the day exactly at the 38.2 Fib and Elliot Wave position 4. Look for possible continued down trading if bears want cheaper beef, hammer up at end of day Monday, or up market at the beginning of trade day. Goal 116 top of Elliot Wave and 161% or XA Butterfly.
Feb Live Cattle sold down to 38.2 retracement from move 3 of the Elliot Wave to position 4. Monday will tell if this is a continuation to position 5 or a continued sell off to 50%. Support from Sept 22 may hold at around 109. Upside potential to 116 completion of the Butterfly.
Oats is still playing hard to get but using 1/2 Gann line as support. Looking for more upside here to 259
Class III Milk found more upside on Butterfly pattern. Weekly chart shows a little more upside than daily chart to 17.5. Overbought scenario may indicate a drop soon.
Live Cattle traded up to my 113.225 area and completed the Cypher pattern. Look for possible Butterfly to 116 or downward action to position 4 of the Elliot Wave. Watch for hammer green at end of trading day. If red downward action most likely. If green, possible continuation upward to 116. Bulls still in control.
Jan 2017 Soybean Meal is creating a wedge up scenario but also locked in a price channel. Look for more upside to complete Butterfly Pattern. There is also a possible double top rejection happening here from price action back in Oct 27 & 28, and seasonal trends show futures starting to slide lower most years.
February 2017 Lean Hogs continuing an uptrend. Is contained within the 1/1 Gann Fan and making its way to complete a Gartley pattern.
Live Cattle Feb 2017 continues to advance. It has met position 1, 2 and 3 of the Elliot Wave. It is coming close to the Cypher pattern and could move higher into a Butterfly, complete the Elliot Wave 4 and 5 positions. It is also in the 1/1 Gan Fan.
March Oats may form a bullish Cypher in the coming weeks. Look for retracement between 38.2 and 61.8, then rebound to 113 - 141.4 percent of the XA leg. If it falters and continues to 78.6 or below this retracement, pattern may change to a Bullish Butterfly.
Corn continues uptrend but will be met with downtrend resistance at next flight. If broken through will be met with resistance at 370. Double top reversal may occur and create choppy conditions. If it can break through both areas might see Butterfly completion to 402'6. There is a lot of corn on the market, so this would be a challenge for the bulls.
Jan Feeder Cattle made a double top reversal today. Possible continued down action. If Feeders regain up side momentum and make triple top, all bets are off.
With the rise in corn, January Feeder Cattle under pressure to make a correction. Having a tough time crossing the 61.8 level of a Gartely pattern. Look for prices to fall to 31.8 and beyond. Watch corn prices. If they continue to go up, Feeders will go down.
March 2017 Oats finally retraced back to the 50% level of the last move. Look for rebound around the 50-61.8 level. Oats is still overbought, so potential to move sideways or further down from 61.8-78.6 possible. Still bullish to fill gaps from last year. Next move to 256 if bulls can keep control.
Feb 2017 Lean Hogs breaks through its channel at 55.00 to show more upside. Potential continuation of the BAT pattern to 60.00
Oats is retracing back to, or near 38.2 before continuing upwards unless bears can pull it down further. Look for reversal at 232'2 area.
March 2017 Oats has two gaps to fill that were created back in October 2015 on the Weekly chart. It is possible that bulls want to fill these gaps. Look for more upside to 256'4 and then 280'0. Highest achievable point maybe 294'2 made back in fall of 2015.